|By PR Newswire||
|October 21, 2013 03:58 PM EDT||
EDISON, N.J., Oct. 21, 2013 /PRNewswire/ -- Fi-Tek announced today that in a recently conducted CEB TowerGroup analyst study of major accounting platforms servicing the Trust and Private banking segment, its premier wealth management solution - TrustPortal - has received the highest rating of "Best-in-Class" for its critical Core Accounting functionality. The core accounting and operations functions are at the heart of any wealth management operation and can provide significant cost and operations efficiency.
Published in March 2013, CEB TowerGroup technology analysis process centered on vendors with mature products, globally recognized innovation, and multiple installations with a range of financial services institutions. The extensive study combined qualitative and quantitative data conducted from interviews with industry experts and financial institutions who were users of the systems and vendors, through which CEB TowerGroup identified 21 attributes that defined a "Best-in-Class" accounting system.
"Banks are looking at the wealth management business as a growth vehicle, and are revisiting their core accounting systems to ensure modern functionality and extensive risk controls," said CEB TowerGroup Senior Director Peter Delano.
TrustPortal's highly configurable user interface, customer reporting options, and broad compliance capabilities are noted product highlights which provided a "Best-in-Class" rating in Core Accounting by the CEB TowerGroup analyst:
- Business Reporting: Through TrustPortal's ad-hoc query module, Quick Search, users can run queries and create their own real-time reports. The system also has over 150 canned reports.
- Transaction Processing: TrustPortal offers real-time order processing and modeling, an integrated accounting engine, and investment management capabilities.
- Compliance Management: TrustPortal features configurable dashboard alerts, 250+ standard reports, Quick Search capabilities, and a time-stamped audit trail.
Fi-Tek's TrustPortal is a fully integrated wealth management solution on a single, web-based platform ideally suited for Asset Management companies, Private Banks, Trust Banks, Family Offices, RIAs, Broker-Dealers and other financial institutions. TrustPortal provides end to end Front, Middle and Back-office functionality streamlining business processes in Accounting, Securities Processing, Financial Planning, Portfolio Management, Regulatory & Compliance Review, Tax Reporting and Client Reporting & Statements.
"TrustPortal is a flexible securities processing and accounting platform which provides cutting edge technology with broad functionality, and it helps our clients run their business most effectively," said Subir Chatterjee, CEO & President of Fi-Tek, LLC. "We recognize that our clients' business needs are changing – so we are building the system which will help our clients meet tomorrow's challenges."
TrustPortal's newer capabilities include global securities processing and multicurrency accounting, SWIFT interface for real time custody integration, data aggregation, and a robust business intelligence tool to provide senior managers the ability to analyze data to better manage their business.
Fi-Tek provides innovative software products and solutions to financial service providers and their clients, specializing in trust, asset servicing, securities processing and alternative investment industries. Visit us at www.fi-tek.com.
For more information, please contact Brian Epstein at (419) 290-3096.
Technology Assessment Disclaimer
CEB does not endorse any vendor, product or service depicted in our CEB TowerGroup publications and does not advise technology users to select only those vendors rated "best in class." CEB TowerGroup research publications consist of the opinions of CEB TowerGroup's analysts and should not be construed as statements of fact. CEB disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
SOURCE Fi-Tek LLC
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