Financial technology firm SunGard has expanded the philanthropic and endowment processing capabilities of its trust accounting solution, AddVantage.
Through an interface with Stellar Technology Solutions’ iPhi platform, SunGard’s AddVantage now provides the specialized sub-account processing, statements and reporting as well as daily valuations required by financial institutions servicing endowments.
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According to Eileen Van Scoy, executive vice president of SunGard’s wealth & retirement administration business, said: "Combining the capabilities of SunGard’s trust accounting solutions with Stellar Technology Solutions’ iPhi platform will help financial institutions operate smarter by reducing administrative costs and manual processes.
"In addition, these organizations will be able to increase agility and competitiveness in growing their non-profit businesses or launching philanthropic services," Van Scoy added.
SunGard claims that the combined solution also will offer delivery in a managed services environment as well as secure portals for donors, grantees, scholars, committee members, financial advisors and other constituents.
It will also provide endowment non-profit organizations, such as public charities and private foundations, with reporting and user access to enhance transparency of information and expenses, the company added.
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By GlobalDataSunGard plans to extend the Stellar Technology Solutions’ iPhi interface for its Charlotte and Global Plus trust accounting solutions this year.
