Enable effective monitoring, managing, controlling and auditing for the complete lifecycle of custodian operations through a single system that fully automates operations. FIN/S Custody module with the modern built-in Workflow configurator supports the automatic processing of corporate actions and General meetings, SWIFT messages import and generation, safekeeping of financial instruments, reconciliations with counterparties, fees and taxation, without the need of additional interfaces and duplicated updates.
Through its “Welcome screen” FIN/S offers a consolidated overview of daily tasks, notifications, alerts or upcoming events, in a friendly and comprehensible way. Relationship managers and Advisors can monitor and manage client needs and requests, establish priorities, schedule and organize activities and events, view and manage all activities (e.g. order approval) or potential breaches (e.g. document expiration) related to portfolios and clients.
Except from the daily notifications, alerts, activities, etc., Relationship Managers and Advisors can also monitor tasks that are overdue, or have been completed within the previous month, or have a due date in the future.
My Day – Scheduler
FIN/S organizes the daily tasks of the stuff (Relationship Managers, Investment Advisors, middle & back office personnel), so that they are able to increase productivity and provide higher quality services to their clients.
Users have the ability to monitor and manage their tasks. All actions are recorded, while for management purposes, a report is generated with all corresponding information.
Tasks are automatically created / updated through procedures and processes, and then are grouped, leveraging a simple and straightforward management.
Customizable Straight – through processing
FIN/S order management system simplifies order life-cycles, from order placement to execution and settlement, based on Straight-through processes and customizable workflows. Different types of orders can be set according to service.
It is designed to be simple and efficient while covering a wide range of investment instruments, client pricing policies, multi-broker relationships and multi-currency needs.
Investment Policy & Guidelines
Managing the risk of selling products incompatible to client’s profile.
If any approvals needed notifications are sent automatically to Relationship managers or Advisors in order to proceed with the approvals. Approvals can be given or rejected throw advisors mobile phone, tablet or a pc web browser
Real-time compliance checks are executed for ensuring the orders’ compliance to regulations or other restrictions.
During order placement, online checks run regarding the
Pre-trade compliance: regulatory checks, investment restrictions, pre-defined limits, Clients’ Documents, Cash Balance
Regarding the online checks, approval requests are routed to authorized users (mobile device and FIN/S ‘My day’ screen) in order to proceed to the approval process. Based on the response the order status is updated online.
If needed FIN/S can automatically generate and send to the client Suitability and / or Appropriateness test.
Fees and taxes are automatically updated. Ex-ante report to client can be sent automatically (if needed) and client can accept or reject the order using his mobile phone, tablet or a pc web browser.
Automatic Execution Management & Multi broker Support
Automated order routing to counterparties (FIX protocol) supported by FIN/S
Additional interfaces with other order routing systems are available
Portfolios Modeling & Rebalancing
Automated order creation through rebalancing (model management).
FIN/S manages models through a sophisticated yet simplified system that customizes the title’s participation automatically. By using model baskets within portfolios, FIN/S reduces the number of models needed to be maintained by companies, offering effectiveness and flexibility to investors. Moreover, by deploying the powerful Markowitz investment tool, FIN/S contributes to the models’ optimization.
Multi portfolios Bulk Orders
After generating the orders for the selected clients, the system can group the orders by applying different criteria (e.g. per product, per type of order), so as to include those ‘bulk orders’ to a file (e.g. excel file format) that will be forwarded to the counterparties. After the execution of the bulk Orders, the system provides the ability of allocating the transactions based on the initial grouping.
Orders can be forwarded to the counterparties through FIX protocol or other customized APIs.
Interfaces with Core banking Systems
FIN/S can also be connected to Core Banking System creating online blockings to client cash accounts, providing automations in all business units
Analytics & Reports
FIN/S dashboards provide Management, Relationship Managers and Advisors with all necessary information regarding the clients under management in a modern and user-oriented way.
Data are designed and presented in different schemes, such as crosstabs, pie charts, bar charts or gauges, offering an overall view of the clients and the investment instruments, while drill down processes and reporting tools facilitate users on their daily tasks.
Furthermore, KPI’s provided offer important statistics that are useful for management purposes:
Portfolio Performance Analysis
EFFECT offers enhanced functionality for measuring performance, either by money or time weighted return formula.
Through easy steps, the system provides all the information needed by portfolio managers to assess and present their investment portfolios. Moreover, period or annual returns can be easily calculated, either for the whole portfolio or specific sectors or even specific investment products. Performance can be calculated by either including all expenses or specific categories of expenses or by excluding all expenses.
At the same time, the system calculates the performance for benchmark and model portfolios.
More specifically, Performance Analysis module includes:
Calculation of performance for any period, including or excluding expenses
Calculation of Realized & Unrealized gains or losses
Portfolio vs Benchmark
Calculation of Realized & Unrealized gains or losses
Post Trade Operations
FIN/S provides the back office unit with the following:
Transaction Processing & History
Complex Commission & Fee Calculations
Account & Cash Management
Periodic Fees Calculations
Position Valuation & Accruals
Indexes & Benchmarks Design
The quick update of transactions is a task of high importance for each Back Office unit. FIN/S improves the process, by offering:
Automatic import of transactions via electronic files from Brokers
Automatic import of transactions from excel
Manual entries, where required
Automatic reconciliations with custodians
Procedures for attribution of massive orders (Block Trades)
Suggestion for time deposits
Commissions, Fees & Taxation
Fees module offers fully parametric platform for fees management, taxes, expenses and other charges, applying calculations of any kind in any currency. Additionally, there is an option to add periodic fees to every sale, respective on the title’s hold period.
FIN/S respectively calculates periodic fees based on the specific agreement of each client, generating billing transactions and issuing invoices for each portfolio automatically.
There is also the option to run accrued fees on a daily basis, providing the real picture of the portfolios’ regular performance.
Each partner has access only to his own clients and can input orders and transactions only for them as well as review only his portfolios/clients under management. The calculation of the remuneration of agents is so parametric, which covers any agreement that might apply. Management reports are included for agents’ fees and remuneration but also for checking the performance of the investments of their clients.
Client’s Reporting & emailing
Each partner has access only to his own clients and can input orders and transactions only for them as well as review only his portfolios/clients under management. The calculation of the remuneration of agents is fully parametric, covering any agreement that might apply. Management reports are included for agents’ fees and remuneration but also for checking the performance of the investments of their clients.
Investment Products Management
Through Investment Products Management, the organization monitors any type of investment products that may be included in a Portfolio.
All the details of any investment instrument are kept under this section. Coupon payment periods for bonds and other similar products are being set up, while all the information of any corporate action is kept in specific flexible forms. These details are used by FIN/S to update automatically any portfolio with the appropriate information.
Products can be categorized through user defined categories, providing a powerful tool for the implementation of investment strategies, as well as compliance validation for customers.
Comments and documents can be attached on each product card, providing the ability of keeping historic record of any information considered significant.
Based on the pricing module of FIN/S, each Firm can specify one or multiple price sources, providing the ability to store multiple prices for the same product.
According to the Firm’s pricing policy, a primary price source (e.g. Bloomberg) is defined, but the Firm can also select to use a different source (e.g. Reuters) for specific portfolios and for a specific category of products (e.g. Bonds).
Data are updated and supported through feeds from external sources such as Bloomberg and Reuters. The import can occur in different ways, through a direct interface with the source or through an excel or a csv file.
The system also supports data quality strategies, such as reports for checking that all information retrieved from external market data providers and imported in the database are valid.
Interfaces with world range data providers
Through interfacing with world range data providers, such as Bloomberg, the following information can be obtained:
Product details, so that product cards are populated automatically
Corporate action details, according to daily announcements of the issuer
Except from products’ information, FIN/S platform offers information for the currencies, markets, MIFID II data (CFI, tick size).
FIN/S fully automates complex tasks that involve corporate actions, dealing with them in a uniform and extremely simple and user friendly way.
All corporate actions for all types of products are handled through the same process, which provides complete control and eliminates the possibility of errors.
Fees & Charges
Transaction & Periodic fee management
EFFECT Fees module offers fully parametric platform for fees management, taxes, expenses and other charges, which is applying calculations of any kind in any currency.
Respectively it calculates periodic fees (custody, management, and performance fees) based on the specific agreement of each client, automatically generates billing transactions for each portfolio and issues invoices.
The Bank can calculate the periodic fees for the period they are applied (e.g. per quarter), and the calculation can be based either on the average NAV of the portfolios or on the NAV in the last date of the selected period.
The percentages applied for the calculation of the periodic fees can depend on different factors, such as the sub custodian, the type of the products or the type of the clients, while minimum or maximum fees can be also charged.
The Taxation table is very detailed, allowing users cover any taxation calculation available, based on different Product Categories, Client Residency, type of Income, and party withholding the tax. The system presents this information on Contract Notes, per transaction.
Based on the above, Taxation Confirmations can be easily exported periodically and when required by the Law, to be used for any purpose.
The system can provide every kind of statement for active Portfolios. The Reporting Currency to be used is applied per Portfolio and/or per Client. All details on frequency and means of sending the statement are set on the system per Portfolio. The system also facilitates the use of different correspondence address per portfolio.
The Statement is fully compliant with MiFID II.
The Statement is parametric and can be structured by using the following sections:
- Portfolio Summary – presenting pie charts and general details
- Portfolio Evaluation – both in base currency and reporting currency per asset class and title in addition to the performance and exchange rate differences
- Period Investment products and Cash transactions in both base currency and reporting currency
- Portfolio Income for a specified period
- Future Cash Flows
- Performance vs Benchmark for 3 periords
- Period expenses / fees / commissions
- Disclaimers – Notes
All statement can be easily translated to any required language.
FIN/S is following the Legislation, able to provide any necessary Regulatory reports.
The Custody module can recognize incoming messages or generate outgoing messages. System’s SWIFT engine is highly parametrical and is designed so as to support any SWIFT messages MT5**. In this way it can recognize and produce different messages, covering the company’s workflow of the company. Some of the messages that have already been configured are the following:
- MT544 : Receive Free Confirmation
- MT545 : Receive Against Payment Confirmation
- MT546 : Deliver Free Confirmation
- MT547 : Deliver Against Payment Confirmation
- MT535 : Statement of Holdings
- MT536 : Statement of Transactions
- MT537 : Statement of Pending Transaction
- MT540 : Receive Free
- MT541 : Receive Against Payment
- MT542 : Deliver Free
- MT543 : Deliver Against Payment
- MT548 : Settlement Status and Processing Advice
- MT564 : Corporate Action Notification
- MT566 & MT568 : Corporate Action Confirmation & Narrative
- MT576 : Report of Combined Activity
- MT578: Settlement Allegement
- MT590 : Advice of Charges, Interest and Other Adjustments
- MT591 : Request for Payment of Charges, Interest and Other Expenses
MT599 : Free Format Message
EFFECT FIN/S delivers a comprehensive built –in Accounting module, fully integrated with middle and back office operations, that helps companies to streamline business operations and accelerate demanding accounting needs. Companies can maintain a broad range of accounting entries generated from secure and dependable processes thanks to the single database approach.
Features for FIN/S Accounting platform include:
Customizable chart of accounts with a user friendly rules/mapping engine
Differentiation of accounting entries per asset class, portfolio classification etc.
Multiple Revaluation, amortization and accrual methods along with calendar options or end-of month and end-of-year rules
Accounting entries on trade date or settlement date of transactions with separation of fees and commissions from the net value of the transaction
Accounting entries for Revaluation, Amortization, Realized P&L, End of month exchange difference entries, Memo entries for units under investment
Compatible with third – party providers with online or batch interfaces
EFFECT FIN/S offers several KPI’s that help Investment Management firms monitor their business metrics in terms of client and investment performances and also have a clear insight of the company’s efficiency. In modern dashboards and reports, managers can review their KPI’s against their business objectives and goals. Automatic processes generate reports and send alerts and notifications to authorized users when a KPI reaches a certain threshold. Some of the basic supported KPI’s refer to Assets under Management allocation (advisor, employee, type of service, branch, geographical), Investment performance e.g. Return on Assets, Client retention rate, Client advocacy, Operational KPI’s regarding operational efficiency and costs etc.
All of the executed transactions and actions are logged in an audit trail, available to the security officer. The date and time of the transaction are logged in every case, as well as the user, and the computer id that has executed the transaction. If the action is a modification, the transaction details before and after the change are recorded. The audit trail is secured and it cannot be modified in any way by any user.
Alerting & emailing
FIN/S online alerts subsystem works in the background, by utilizing the system’s multi thread processing, performing real time analysis and generating alerts and notification emails according to user predefined parameters and targets. Officers can also define:
Reports that need to be generated automatically e.g. alerts for the 10% portfolio depreciation report (MIFID II), investment guidelines breaches
Processes e.g. stop loss strategy with which sale orders will be generated by recalculating the portfolio position and identifying the trigger factors
Portfolios and client alerts e.g. during the order placement or the trade settlement of specific portfolios
FIN/S is established with a powerful workflow engine so as to streamline all business processes with easy-to-create workflows. It provides all the major features that managers and officers need so as to be efficient in their daily tasks while at the same time it reduces operational and settlement risks.
Moreover, all tasks are designed to be simple and comprehensible, while remaining efficient with high-level functionality.
A key feature of the workflow module lies on the fact that authorized users can draw as many workflows as they require, in a simple and straightforward process, without any technical intervention.
Setting up Workflows
For each business process, users can define unlimited different workflows based on the needs of each department. This differentiation can be based on several criteria depending on the type of process, such as User groups, Customer groups, Type of Event (e.g. side for orders and trades, corporate action event for custody workflow), or Type of Asset Class.
On order placement, for example, different workflows can be designed for Advisory portfolios, Discretionary management portfolios or Execution only portfolios.
Once a task is linked to a workflow, users can define several parameters to be entirely applicable.
Security & Access Control
The level of access control and security, and workflow approval and certification of records is parametric and easily aligned to the security policy of each organization.
Roles & Users
Four eye principle