FIS launches a suite that combines traditionally separate critical back-office functions.
Financial technology provider FIS has launched the FIS Asset Servicing Management Suite, which company officials say is “a comprehensive suite of automated and integrated solutions” intended to “unlock operational efficiency” in asset servicing.
“The suite combines the traditionally separate critical functions of corporate actions processing, proxy voting, class actions claims, operational claims, and tax reclaim management to revolutionize asset servicing,” officials say. The combination will create an “experience which helps capital investment to work more efficiently.”
Asset servicing “is under growing pressure. Many organizations are relying on multiple vendors, which leads to fragmented data, inefficiencies, and a greater chance for mistakes,” according to FIS. “This fragmented infrastructure also makes cost control harder and amplifies operational risk, which could have a negative impact on customer satisfaction. This lack of operational agility and complexity can significantly hinder the effectiveness of asset servicing operations.”
Thus, the new suite “represents a fundamental shift in how financial institutions approach asset servicing operations. This single, integrated platform provides transparency and control across the entire asset servicing lifecycle,” officials say. “The unified platform can replace the need for multiple vendors and minimizes data fragmentation, providing accurate and streamlined data to provide better insights.”
With the new approach, firms can automate “workflows that previously required extensive manual intervention, the suite enables institutions to focus on strategic value creation rather than operational maintenance,” officials say
“Operational inefficiencies in asset servicing directly translate to real financial losses for everyday investors. When corporate actions are processed incorrectly or proxy votes fail to reach their intended destination, or qualification to participate in class action opportunities are not identified, it is not just institutions that suffer — it is also the customers whose pensions and savings depend on these systems working flawlessly,” says Matt Stauffer, head of back office solutions at FIS, in a prepared statement.
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