Octavian to Launch its Innovative Financial Products Account Opener™ for Financial Services Companies1 Octavian’s Financial-Products Account Opener, a BPM System for Financial Services Companies, automates account opening of all investment products, cutting time-to-market and improving customer satisfaction
Boston, MA - January 22, 2008 – Octavian, a provider of software solutions to the Wealth and Investment Management industry, today announced the release of its new Financial Products Account Opener, a Business Process Management (BPM) system that automates new account opening processes, streamlines workflow for financial services companies and offers immediate connectivity to the Depository Trust and Clearing Corporation (DTCC) Managed Account Service (MAS). Octavian started its partnership with DTCC in April 2007 and is among the first vendors to deliver a complete connectivity solution to the DTCC’s MAS.
Octavian’s solution supports any type of investment account including Brokerage, Private Bank, Trust, Separate Accounts, Mutual Funds, Hedge Funds and Insurance products. It is also aimed at financial services companies seeking to consolidate their account opening processes for multiple financial products into a single operational platform. Octavian’s product is especially suitable for managing the complex account opening processes of Wrap Accounts, Separately Managed Accounts (SMA), Unified Managed Accounts (UMA), Annuities, Hedge Funds and Fund-of-Funds.
To-date, many financial services institutions are still largely using manual, paper-based account opening processes. Organizational silos, multiple operational locations and lack of integration between legacy systems leads to disjointed, inefficient account opening processes that vary greatly by product lines and sales channels. Too often, account information is inefficiently shared among financial services firms by fax, phone, email or mailing of hardcopy forms, with no operational system of record, minimal data security and lack of audit trails. This causes unnecessary administration costs, inhibits business growth and incurs a high risk of errors.
The Financial Products Account Opener addresses all these challenges. It provides a consolidated operational platform for account opening, servicing and termination and forms a single point of customer care. The solution streamlines and automates communications between all internal and external participants involved in account workflow processes. An easy to use, yet powerful web-enabled user interface, reduces duplication of data entry and establishes a centralized operational workflow framework for multiple organization units. According to Mr. Tom Price, Senior Analyst, Securities and Capital Markets at Tower Group, “Successful implementation of a Business Process Management (BPM) initiative can be expected to reduce the costs of new accounts processing by at least 30%.”
The Financial Products Account Opener offers the following capabilities and benefits:
o Supports Any Product Type and Any Workflow Transaction: Supports a wide range of products such as banking products, brokerage accounts, annuities, life insurance, mutual funds, high-net-worth products and alternative investments
o Reduces Time-to-Market of new Financial Products: Shortens development cycles from months and years to days or weeks
o Reduces Regulatory Risk: Provides a complete audit trail of all activities, limits functional access by user role, provides a system of record for operational procedures and ensures adherence to standard procedures. Provides a key operational component for meeting Sarbanes Oxley requirements of Section 404 (Effectives of Internal Controls) and Section 409 (Rapid Reporting)
o Improves Customer Care: Front-office, middle-office and call center staff all seamlessly contribute to the same workflow process, thus reducing errors and customer serving cycle time. Enables faster recognition of revenues, improves customer responsiveness
o Minimizes Operational Risk: Consolidates front-office, middle-office and back-office workflow, reducing operational complexity, minimizing the risk of unfulfilled customer requests and eliminates re-keying of data
o Supports Scalability: Supports an unlimited number of workflow transactions and account types which expands sales capacity
o Provides Connectivity to DTCC MAS: Provides immediate, turnkey connectivity to DTCC’s Managed Account Service hub
o Improves Processes: Customized reports measure workflow duration and identify sources of operational delays
“We are thrilled with this new product release, which offers significant improvements to the account opening process and substantially reduces operational errors and expenses for our customers,” said Mr. James Penman, Octavian’s CTO. "From our many discussions with the leading Wealth and Investment Management companies we see a strong and growing demand for a solution that streamlines financial services workflow, especially for managed accounts, annuities and hedge funds. The early release of our solution will empower our customers to transform and shorten their entire operational and product development lifecycles, and meet the ever growing challenges to remain efficient, scalable and competitive,” added Mr. Penman.
Octavian provides best-of-breed technology solutions to the wealth and investment management industry. The Company’s rapidly expanding suite of products include fee billing and revenue management, enterprise data management for holistic wealth management, enterprise business intelligence / reporting solutions, as well as workflow management for the financial services industry. The company’s solutions are available either at clients’ data centers or hosted as a Software-as-a-Service (SaaS/ASP). Octavian is a privately-held firm backed by three top-tier venture capital funds. Company headquarters are located in Boston, Massachusetts with a research and development center in Tel Aviv, Israel; and a presence in the New York City, Denver and Charlotte areas for sales and customer support. For more information please visit www.octavian-tech.com
1. TowerGroup Research Report - “Business Process Management for Brokerage New Accounts: Toppling Barriers Between Product Silos”, by Tom Price, Senior Analyst, Securities and Capital Market, October 2007, ViewPoint Issue 199