Northern Trust has implemented Broadridge Financial’s Revport tool to enhance fund administration and transfer agency capabilities for US mutual funds.
The tool will also augment Northern Trust’s reconciliation and payment processing for intermediary payments to improve automation and provide more comprehensive reporting to its clients.
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The launch comes in response to increased regulatory focus on US mutual funds fee arrangements.
Using Revport tool, Northern Trust will also simplify its process for invoice validation, controls around invoicing and payment processes and reporting options on how funds communicate with their boards.
This implementation will offer enhanced capabilities such as greater automation of payments, improved reconciliation as well as improved board-ready reporting, including summarized payments and fee arrangements.
Broadridge president for revenue and expense management Chris John said: "Broadridge is excited to work with Northern Trust to enhance its intermediary payment oversight process.
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By GlobalData"Our Revport tool provides data aggregation, extensive workflow capabilities and audit controls and a flexible calculation engine to make the calculation, reconciliation and approval process more efficient."
