Budgeting, Planning & Forecasting

Budgeting, Planning & Forecasting

April 19, 2011

Heron InterAct Releases New Solutions for Trust Management Banks and Trust Companies

Heron InterAct, a provider of integrated data warehousing solutions, stated that its newly released DataYard financial data warehouse, InterAct Data Acquisition Engine, and CrossTie General Ledger Connector are all specially designed aggregation, reporting, and back-office accounting solutions. They can help trust management banks and trust companies in their reporting, auditing, compliance, and accounting functions.

Heron InterAct further stated that its platforms offer comprehensive tools for data source capture, normalization, storage, retrieval, reporting, and integrated back-office tie-ins.

The InterAct Data Acquisition Engine is a powerful data warehouse for capture, management, analysis, reporting, and back-office accounting & settlement of information from a wide array of financial sources including: investment management, wealth management, foreign exchanges/money markets, and portfolio management source data systems.

The new DataYard data warehouse solution acquires custom formatted data from the SunGard AddVantage Asset Management and Trust Accounting system utilizing the InterAct Data Acquisition Engine, and then normalizes and stores it. The data can then be used by the analysts from Trust Management Companies and Trust Banks to see current transactions, positions, and holdings.

The CrossTie General Ledger Connector receives data from the InterAct Data Warehouse and creates general journal entries which can be posted to a corporate accounting systems general ledger. The program accesses data from the DataYard, summarizes all detailed transactions mapped to the established chart of accounts, and creates monthly uploads to a variety of enterprise-level general ledger platforms such as PeopleSoft, SAP (News - Alert), SAGE, and QuickBooks.

In a press release, HerOn explained that the latest editions of DataYard, InterAct, and CrossTie are allowing Trust Management clients to better meet the demands of their monthly accounting back-office closing processes. Additionally, the Heron InterAct solutions are helping clients manage and audit their investments held in trusts.

Clients can deploy these accounting solutions’ new methodologies to comply with internal and external audits. Trust Banks and Trust Companies have also received a new tool to keep focused on asset and trust management and know that the detailed, consolidated, and summary reporting coming from the DataYard serves their goals.

Nathesh is a contributing editor for TMCnet. To read more of Nathesh's articles, please visit his columnist page.

Edited by Rich Steeves

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