Bonaire Software Solutions, LLC, a leading provider of financial services software solutions to investment managers, fund administrators, mutual funds, wealth managers, broker dealers and RIAs, announced that itâs REVPORTâ¢ Revenue Management and Fee Billing application has been selected by Standard Life Investments. Headquartered in Edinburgh, UK, Standard Life Investments chose Bonaire after carrying out a rigorous, business-driven, tender-based selection process. Standard Life Investmentsâ acquisition of REVPORTâ¢ will deliver tangible business benefits, including:-
â¢ Lower operating costs and improved efficiency through the replacement of manually intensive spreadsheet-based processes
â¢ Automation of existing manually-based performance fee calculations
â¢ Provision of a scalable platform that will underpin planned business growth without a commensurate increase in operating costs
â¢ Centralisation of revenue data to improve management information
â¢ Provide the foundation for comprehensive revenue modelling, forecasting and analysis
REVPORTâ¢ software automates the calculation of fees for the client billing and invoicing process. Bonaireâs clients are able to calculate any type of fee for revenue streams, as well as fees and disbursements associated with accounts and portfolios. REVPORTâ¢ takes in a data feed from the clientâs upstream portfolio management platforms, undertakes complex rules-based calculations and then posts the fee and accruals to the general ledger, while automatically generating invoices.
âStandard Life Investments is committed to continually improving its processes and procedures. We believe that the adoption of Bonaireâs revenue management suite will help us in achieving this" said Sean Fitzgerald, Financial Controller.
Gary Watts, UK MD of Bonaire, said âUndoubtedly, 2009 has been a testing time for the investment management industry and those who serve it. Despite this challenging back-drop, Bonaire has continued to invest heavily in enhancing its solutions and delivering upon our product vision. This bold strategy has been rewarded with another strong year on the sales front and the Standard Life Investmentsâ decision is further evidence of Bonaireâs ability to differentiate itself in a very competitive marketâ.
REVPORTTM Revenue Management Key Features:
â¢ Provides a single repository for revenue, sales and performance data
â¢ Automates revenue management, fee billing and commission processes
â¢ Calculates complex fees, rebates, commissions and accruals, produces invoices and generates all accounting and audit output
â¢ Centralizes fee calculation rules, embedding knowledge in the application and enhancing financial management and control
â¢ Provides management information via fully integrated MI tools, including data cubes, views, dashboards and graphical visualization / reporting
â¢ Allows revenue modelling, forecasting and analytics to be performed using actual billing rules and fee schedules
â¢ Seamlessly integrates with existing upstream / downstream financial management and reporting systems