Redi2 Technologies licenses Revenue Manager to Pershing

Redi2 Technologies enables the establishment of an innovative Enterprise Billing System

March 31, 2015 | Press Releases

Boston, MA (March 31, 2015) – Redi2 Technologies, the premier provider of hosted fee billing and revenue management solutions to the global financial services industry, announced today that Pershing LLC, a Bank of New York Mellon company, has licensed the Redi2 Wealth Manager™.  The newly established robust enterprise billing system (EBS) is designed to handle the processing of over one million accounts for its broker-dealer clients whose advisers offer asset-based advisory billing solutions to their end investors via Redi2’s hosted revenue management platform in conjunction with Pershing’s mainframe processing capabilities

Pershing consolidated four legacy, standalone asset-based billing systems into Redi2’s hosted platform, which is integrated into Pershing’s NetX360^® platform. This integration enables Pershing’s advisor clients to offer a diversified product portfolio to their investor clients.  Pershing reaps the benefits of increased billing functionality and operational efficiencies through enhanced calculation detail of a variety of pay-outs and fee types, including advisor compensation, management fees, overlay manager fees, sponsor fees, broker-dealer fees and platform fees.  Additional innovations include:

• Complex multi-tiered fee schedules to handle the most complex fee arrangements, including billing based on book-of-business
• Next-generation UMA, SMA, and Advisor-directed account billing seamlessly integrated into NetX360
• Real-time fee quotes for managed accounts, including program and UMA fees
• Industry-standard turn-key programs that accelerate time to market for Pershing’s client base

Among other benefits, Redi2’s technology gives Pershing the flexibility to easily manage complex billing and fee calculation for multiple custodians. This capability is increasingly important as investment advisors and broker-dealers use multiple custodians to meet the diverse needs of their clients.

“We are committed to continuously enhancing the advisor and investor experience. To carry out this commitment, it’s crucial that we anticipate trends and the needs of our clients while implementing technology that enables us to offer an increasingly large and diverse product portfolio,” said Michael Zupetz, Director of Client & Product Billing at Pershing. “We selected Redi2 to work with us to establish an industry-leading, asset-based advisory billing platform that not only enables us to consolidate our fee billing systems but also effectively track workflow and process management fees in a timely, accurately and controlled manner.”

Pershing leveraged Redi2’s expertise in asset-based fee calculation and processing to implement technology that provides flexible fee calculation to simplify accounting.

Some of the benefits include: unlimited fee schedules, multiple billing methods, payee allocation methods, payment instructions, multi-custodial support, billing customization and billing history.

Redi2’s work with Pershing was recently recognized by the Money Management Institute, whose members selected Redi2 as a finalist in the category “Advisory Solutions Technology or Innovation or Operations Improvement of the Year.” The category recognizes companies (Pershing Managed Investments) that exhibit the greatest gain in efficiency or growth due to a technology or operations improvement (Redi2 Wealth Manager™).

“Pershing is determined to be at the cutting edge of enabling wealth management technology, and is now offering a next generation platform for broker-dealers and advisory firms requiring world class clearing and execution,” said Fermin Garcia, President & COO of Redi2.

Since its inception, Redi2 has been focused on providing the financial services industry with the most intuitive and robust fee billing and revenue management solutions with the highest levels of service. The Software–as-a-Service (SaaS) model has proven beneficial for many investment and wealth management firms as they look to reduce licensing and maintenance costs of traditional on-premise solutions. Redi2 has repeatedly proven itself as a reliable extension of the financial and operations teams of some of the largest wealth and asset management firms in the world.

In January 2014, Redi2 announced the successful completion of its SSAE No. 16 SOC Type 1 and Type 2 audits. As a result, Redi2’s clients are assured, and can assure their clients, that their hosted revenue management solution offers the security, redundancy, and process controls that a system containing such sensitive data as account and fee details should provide.

About Redi2 Technologies

Redi2 Technologies is a market-leading, revenue management solution provider that collaborates with its clients to automate and continuously improve their fee calculation, billing and collection, and business planning processes. Redi2 Revenue Manager™ is the industry’s first revenue management Software as a Service (SaaS) deployment, which helps firms improve cash flow, increase operating efficiency, reduce operational risk, and meet ever-increasing regulatory compliance and accountability obligations while simultaneously enhancing their revenue analysis, forecasting and reporting capabilities. Additional information is available at redi2.com, and on Twitter @redi2.

About Pershing

Pershing and its affiliates provide global financial business solutions to advisors, asset managers, broker-dealers, family offices, registered investment advisor firms and wealth managers. A financial services firm located in 23 offices worldwide, Pershing provides business-to-business solutions to clients representing 5.8 million active investor accounts on the U.S. platform. Pershing affiliates are members of every major U.S. securities exchange, and its international affiliates are members of the Deutsche Börse, Australian Stock Exchange, Irish Stock Exchange, London Stock Exchange and Toronto Stock Exchange. Pershing LLC (member FINRA/NYSE/SIPC) is a BNY Mellon company. Additional information is available on pershing.com, or follow us on Twitter @Pershing.