Press release from Business Wire
Fiserv Partners with Financial Market Data Services to Bring New Solution to Broker-Dealers and Asset Managers
<ul> <li class='bwlistitemmargb'> Partnership provides fully outsourced, end-to-end securities class actions claims processing to Fiserv clients </li> </ul>
Monday, June 10, 2013
Fiserv Partners with Financial Market Data Services to Bring New Solution to Broker-Dealers and Asset Managers09:30 EDT Monday, June 10, 2013
BROOKFIELD, Wis. (Business Wire) -- Fiserv, Inc. (NASDAQ: FISV) a leading global provider of financial services technology solutions, today announced a partnership with Financial Market Data Services (FMDS) to offer broker-dealers, asset managers, turnkey asset management providers and outsourcers a fully-outsourced, end-to-end securities class actions claims processing solution. The solution focuses on managed accounts, a high growth segment, and can easily be extended to support all class actions claims for a firm, bringing efficiencies to what can be an inefficient, fragmented and manual process.
Securities class action filings, typically processed within the corporate actions areas of broker-dealer and asset management firms, can be highly complex and time-consuming. The steps necessary to fully comply with the fiduciary requirements are often manual, which can introduce errors. While many asset managers rely on custodians to process filings for their mutual funds, managing filings for separately managed accounts (SMAs) can still be difficult. Broker-dealers are also challenged by requirements to notify investors of new claims within a short time frame. For all firms, inefficiencies in filings can result in missed opportunities to bring recoverable assets back into investor accounts.
“This new capability has the potential to provide Fiserv clients with an effective way to increase their assets under management and provide additional value to their clients,” said Cheryl Nash, president, Investment Services, Fiserv. “Fiserv is the leader in wealth management technology and we are committed to bringing the industry best-in-class solutions, whether built internally or through strategic partnerships.”
“By offering an end-to-end solution, from investor notifications through to funds distribution, FDMS and Fiserv will enable investors to claim their own funds through a truly automated process,” said John Regan, president, Financial Market Data Services. “Fiserv continues to strengthen its leadership within the managed accounts industry, and we are pleased to be its partner.”
Fiserv has more than 4 million accounts on its wealth management platforms and over 1.3 million UMA sleeves. With the acquisitions of AdviceAmerica financial planning technology and CashEdge data aggregation capabilities, Fiserv has extended its leadership position with technology that can support all functions of a wealth management business with a truly integrated, end-to-end solution.
FMDS provides solutions for securities class actions that simplifies and automates a complex and largely manual process, thereby enabling more investors to claim their funds.
For more information, please visit www.FinancialMDS.com.
Fiserv, Inc. (NASDAQ: FISV) is a leading global technology provider serving the financial services industry, driving innovation in payments, processing services, risk and compliance, customer and channel management, and business insights and optimization. For more information, visit www.fiserv.com.
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