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February 13, 2013

Boston Financial, Bonaire Unveil Solution for Intermediary Payment Administration



Bonaire Software Solutions, LLC has further strengthened its association with Boston Financial Data Services, Inc. for offering considerable advantages to the mutual fund industry. The association, which was forged in the initial months of 2012, aims to resolve the intermediary reconciliation problems. The two organizations are also in the process of introducing novel servicing capabilities.

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Fund organizations are able to computerize invoice authentication and administration due to the key partnership between Bonaire Software and Boston Financial. The Payment Administration module of Boston Financial’s comprehensive Financial Intermediary Administration (FIATM) Solutions business is driven by REVPORT software from Bonaire. Apart from simplifying fee calculations, REVPORT authenticates the payments completed to financial intermediaries. The computation of distribution fee billing and the invoice settlement process for mutual funds and their distributors or financial mediators is also computerized by REVPORT.

In a statement, Michael McNeill, MD, Boston Financial, said, “The industry is challenged in finding more efficient ways to mitigate risk and identify automated solutions. Continuing our firm-wide objective of helping to solve the industry’s most pressing needs, Boston Financial’s full-service offering addresses both of these critical areas. By utilizing REVPORT to streamline manually intensive and higher risk processes, and with Boston Financial’s industry experience and intermediary knowledge, we have jointly created a very unique and dynamic opportunity for the industry.”

REVPORT is utilized by Bonaire customers for straight-through-processing. Customers are able to define tolerances with the help of an advanced workflow, thereby assisting involuntary approval of reconciliation variances when they lie within a pre-defined range. REVPORT processes the fund group and intermediary information, calculates the distribution fees, and generates reports for supplementary trending and analysis. Some of the reports created by REVPORT include distributor statements, fund expenditure statements, reconciliation reports and fee reconciliation reports.

Chris John, CEO, Bonaire said, “Transparency and accuracy are at the top of the agenda for mutual fund companies in 2013. Our alliance with Boston Financial offers necessary disclosure information on intermediary payments by bringing together technology and servicing. REVPORT provides much-needed accuracy and efficiency. Our full service solution with Boston Financial continues to bring confidence back to the industry.”




Edited by Rachel Ramsey
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