With on-going innovations including Sqope, its digital investment performance solution, Scivantage continues to reinvent the way wealth management firms leverage technology JERSEY CITY, NJ OCTOBER 19, 2016 Scivantage®, a FinTech 100 technology provider of Digital Wealth Management and Cost Basis solutions, today announces it has been named to the American Banker and BAI FinTech Forward […]
If you have ever invested in a bond, you will know that the terms of the bond are spelled out in excruciating detail. But have you ever wondered what happens if someone wants to change one of those terms?
With over 125 million IRS 1099s processed this season alone, Maxit’s sophisticated data management capabilities continue to set it apart, processing and managing high volumes of data to ensure cost basis accuracy and data consistency with a firm’s books and records.
As the investment industry continues meet IRS reporting requirements, firms face increasing costs for this regulatory compliance. Some firms are hoping to reduce resource requirements using additional automation for items such as corporate actions. Others are asking, “How else can I leverage my cost basis data to make this investment more valuable?” If your firm is grappling with either of these concerns, consider Scivantage Maxit.
The New Year traditionally marks a time when businesses look to reignite their company’s outlook and build momentum towards another successful and prosperous year. In 2015, however, brokers will once again be faced with a new wave of cost basis reporting mandates, and this isn’t something that many institutions are celebrating. For the first time, […]
With compliance deadlines fast approaching, financial institutions are now looking toward new and innovative ways to get the most out of their cost basis reporting investment. From total cost of ownership initiatives to maximizing the value of data, cost basis reporting has financial institutions reevaluating their overall strategy to better balance operational, business and client […]
As cost basis reporting regulations inch towards their final phase, firms are now looking beyond compliance and searching for new and innovative ways to get the most out of their investment. From total cost of ownership initiatives to maximizing the value of the data, cost basis reporting has financial institutions reevaluating their overall strategy to […]
Shortly after cost basis reporting regulations were enacted, this top ranked broker-dealer implemented Scivantage’s Maxit® product to extend automated cost basis reporting across its thousands of financial advisors throughout the United States and abroad. As a robust enterprise-wide cost basis engine, Maxit provided the firm with access to fully automated cost basis data for account statements, investment inquiries […]
A high level of accuracy and regulatory expertise is fundamental to cost basis compliance. In order to support complex data management needs for precise and timely cost basis reporting, firms require increasingly advanced reconciliation services. With a wide range of reconciliation options, Scivantage Maxit® has further expanded its cost basis reporting offering to include data cleansing, management and synchronization services. […]
Further to our recent blog post, IRPAC Commentary Evaluates IRS Cost Basis Reporting Regulations, various industry organizations are raising their concerns to the Internal Revenue Service (IRS) following the release of the Final Regulations for Basis Reporting by Securities Brokers and Basis Determination for Debt Instruments and Options. These mandates have added another layer of complexity into the cost basis landscape and institutions have taken advantage of the opportunity to outline the critical issues they foresee with the rules as they currently stand during the open comment period.
In an August 22 letter, The Financial Information Forum (FIF), in which Scivantage is an active member, referenced that there are many issues to be addressed in regards to cost basis reporting regulations and focused on the rules that will become effective January 1, 2014. The organization has identified several requirements it believes will “either inflict hardship on taxpayers or place an undue burden on brokers that must be addressed immediately” and highlights that the requirements for transfer statements is unworkable in its current form…