CheckFree, now part of Fiserv, a leading provider of information […]
CheckFree, now part of Fiserv, a leading provider of information technology services to the financial industry, today announced that Fortis Prime Fund Solutions (“PFS”) has selected its CheckFree Advantage Fee client billing and revenue management solution to standardize and automate its global billing processes, enabling PFS to capture all potential revenues.
PFS selected CheckFree after a detailed proof-of-concept that demonstrated the solution’s ability to support highly complex and fast-changing fee structures, including fixed and performance-based fees, with efficient and controlled invoicing.
CheckFree Advantage Fee will be implemented at PFS’ headquarters in Amsterdam and utilized across its global offices including Luxembourg, Dublin, Cayman Islands, Isle of Man and Hong Kong. The project is part of a two-phase client billing and revenue management rollout for PFS. Phase one will automate PFS’ global invoicing processes and is scheduled to go live later this year, followed by a subsequent phase to automate all billing activities related to Fortis’ fund administration business. The ability to support the project’s worldwide scope was a key factor in PFS’ selection of CheckFree.
“As accurate, timely and transparent billing is the key to capturing the full revenue potential of client services, Prime Funds Solutions recognized the importance of automation to provide a flexible and scalable platform that could support the complexity of new fee structures” said Paul Thomas, managing director of international operations, CheckFree Investment Services Software, now part of Fiserv. “With more than 60 CheckFree Advantage Fee customers worldwide, CheckFree understood PFS’ billing requirements to reduce revenue leakage, improve revenue management and deliver greater control. CheckFree was the only provider in the rigorous selection process to model PFS’ current and future fee management requirements and run a proof-of-concept demonstrating the capability to meet their needs on a global scale.”
Through CheckFree Advantage Fee, Prime Funds Solutions will be able to consolidate its global client invoicing processes into a single platform, providing a transparent view of billing activities across clients, funds and regions. With the solution’s modeling and forecasting functionality, PFS can analyze past performance trends and model future revenues and risks. Client invoicing can also benefit from the improved transparency as PFS can communicate complex fee structures in a concise and accurate manner, reducing the likelihood of error and contributing to improved customer relationships.