How we solved this problem
Wallstreet Rightfax Integration Software
Rightfax is used to fax or email deal confirmation letters to clients after deals have been booked on Wall Street. We provide the ideal financial services integration solution by making use of Linx software. It is used to pick up confirmation letters generated by Wall Street, convert the Word documents to PDF format, and then create a file containing the information (such as the fax number or email address) for processing by Rightfax.
Approximately 15 000 confirmation letters are converted to PDF format daily, and passed onto Rightfax without any manual intervention.Rightfax is used to fax or email Deal Confirmation letters to clients after deals have been booked on Wall Street. We provide the ideal financial services integration solution by making use of Linx software. It is used to pick up Confirmation letters generated by Wall Street, convert the Word documents to PDF format, and then create a file containing the information (such as the fax number or email address) for processing by Rightfax.
Approximately 15 000 confirmation letters are converted to PDF format daily, and passed onto Rightfax without any manual intervention.
Valuations Dashboard Software
The Valuations Dashboard automation solution was implemented for a client of ours within the financial services industry, to help automate pricing checks and valuations for their asset management system. Previously, the price files from INET and BESA were manually checked and uploaded onto Hiport which resulted in the loading of multiple incorrect prices and the re-running of batches.
Our dashboard helped with these price checks between the two providers. The system software provided additional functionality such as stale price checks; price reports, automatic feeds to Hiport and alert notifications for late files.
The implementation of the solution helped our client smooth out their day-end batch processing. Thus saving them time and money on re-running batches due to incorrect prices being loaded. The Valuations Dashboard is a Linx and Stadium software solution that primarily does the daily financial valuations of securities for our client. Daily pricing includes the integration and sourcing of market data from sources such as JSE, Reuters, Bloomberg, Finswitch and INET, as well as the pricing of listed instruments from market sources and valuation calculations on unlisted securities (by using complex FINCAD models & functions)
The Valuations Dashboard also produces daily pricing outputs approval and exception management, as well as exception reports (not priced, stale price and variances).
The Valuations Dashboard manages and controls the processes necessary for daily pricing, and ultimately leads to robust pricing models via FINCAD.
Multi Manager System Software
Our financial service client uses multiple asset managers to help with their investments and investment management. In the past, they had to manually capture any financial transactions and movements made by these external managers, so they could track and report on these investments to their clients. This manual capturing task onto Hiportfolio was a painful process, marred with complications and issues.
We introduced Multi-Manager to automate the receipt of the transactions and holding files from the external managers, as well as check and reconcile the files before transforming them for upload into Hiportfolio. If a reconciliation fails for a manager file, a notification gets sent out to the user to be followed up with the manager, before the transaction gets moves to Hiportfolio.
The software solution helped save multiple hours of manual capturing for our client and also provided them with theability to provide better and more timely reports for their customers.
The SmartPrice system software is responsible for the complete trading and pricing cycle of life funds for one of our clients.
Each pricing cycle starts with all the financial trades that were instructed by clients. The system then rebalances the funds based on distribution percentages associated with the underlying CIS funds. The resulting trades into or out of the CIS funds are then integrated and distributed via FinSwitch.
The next day begins with a cash rebalancing process that reconciles all the bank account balances for all the funds. It also lets the user optimise the cash portion of the fund by moving cash to additional bank accounts or into money market funds.
In the final process of the pricing cycle, the system calculates the life fund unit price based on the underlying CIS fund values (calculated with the unit prices that were imported into the system), as well as all income accruals (like bank account interest and money market yields) and expense accruals (like fees and tax).
On a daily basis, the system software uses imported and exported files to interface with Compass (a LISP administration system), FinSwitch (for trade instructions, underlying CIS fund prices and distributions), iCompare (a LISP unit recon system), and ShareNet, a payments system and insurance provider.
The SmartReport system software is a reporting system that gives our client the utmost control and freedom to extract data out of any SQL or Oracle database. The system can handle multiple connection set-ups, with as many reports set up per connection as needed.
Each report can be defined either as a user report to be executed as and when required by a user, or as a scheduled report that will automate its own execution and distribution (via email or network drives) by the system.
A new report can be defined and saved by a skilled administrative user, so no new development is needed. To restrict access, new reports can be associated with specific users or groups of users (departments). Currently there are 125 active reports for our client.
The SmartReport system software has automated all processes and reduced the time spent by administrators executing requests for data from users.
Baobab is a financial software portfolio management system created for one of our financial services clients that manages client interactions. Baobab has a lot of functionality that is configurable and customisable from the front-end and lets the user personalise settings to their preference.
Baobab system software allows for the take-on of clients in conjunction with source systems like AIMS, providing the user with functionality to store files like take-on documents and correspondence between the internal users and their clients. Additionally, the system can be used to generate and distribute statements (such as monthly banking statements, billing invoices and tax statements) on a reporting period basis. Thus, statements get produced and distributed every month, the invoices every quarter and the tax statements annually.
Baobab allows internal users to manage all their client information easily, since it’s all stored in one place. It allows for automated report generation and distribution, as well as the singular storage of all client documents. Over and above this, it gives the user ad-hoc report access and daily reports on client balances.
Batch Processing System Software
Batch Processing is a system software that is used internally for daily financial reporting processes. The functionality includes loading data from AIMS into a data warehouse and converting the data into a format usable by the client. The process is a typical file import process, where the system receives files from an outside source system and then reads and interprets the files.
The data is then pushed into data stores on the client’s side. The processing of these files is split into two sections. The first section conducts the price comparison with price data received from the JSE via I-Net and Asset Control. The second section manages the loading of the client’s financial data from the AIMS system software into the reporting solution created by Digiata. The system in question also provides business processing functionality and process flow functionality. Information can then be extracted from the system and sent to third parties that interact with our client.
Batch Processing removes the need for manual intervention and allows for automated third party extraction and distribution, as well as the singular storage of all client financial data. It also ensures timely delivery of client data and updated client balances on the client portal.
Performance Engine Software
Performance Engine is a financial software solution that calculates the performance of a client’s portfolio periodically. Performance Engine is used in conjunction with the Baobab Portfolio Management System and the AIMS source system, to calculate the client’s performance for specified date ranges and furthermore calculate the performance against benchmarks.
The system allows data to be imported from outside systems and then calculates portfolio performance based on benchmarks defined by the business. It stores the security sectors as defined by the JSE and allows reporting to be done using those definitions. Reporting provided by this solution includes regulation 28 reports and SARB asset allocation reports.
Performance Engine has automated performance calculations on client portfolios. It is user-configurable from the front-end and allows for the automated generation of reports and for data fixes to be done when necessary.
Stock Broking Software
Our client has a financial division, which does JSE trading as part of their business. The current software solution in place allows for distribution of daily broker notes (trades executed for a day) to clients and monthly statements of the stockbroking accounts. The system software also has the ability to create marketing campaigns for clients. These include informing the client of a pending sale or purchase of shares on their accounts or just general information. Monthly reports provide the business with client revenue and assets under management.
Our Stockbroking financial solution had resulted in the timely delivery of broker notes and statements. It has also made bulk client messaging configurable and month-end business revenue reporting a lot easier.
Tax System Software
The TAX software solution running for our client is divided into four sections:
- IT3 TAX, which includes IT3(b)’s – the TAX on interest earned by the client – and IT3(c)’s – the TAX on capital gains and losses
- Consolidated TAX and Provisional TAX (i.e. the client’s income TAX statements)
- Pension and Trust TAX
- Provisional TAX statements are generated on the client’s behalf and are distributed to the client at the end of each TAX year (in January), in a format that the client can then submit to SARS. Furthermore, in the February SARS reporting period, Consolidated TAX statements, that display the actual income the client must file with SARS, are generated and distributed to the client.
The financial software solution allows for pension and trust TAX to be submitted directly to SARS, using reporting and formatting stipulated by SARS. The solution also produces files that are submitted to our client’s TAX division, which in turn submits the entire business TAX to SARS.
Our consolidated TAX solution handles all client TAX requirements, and helps clients file their TAX returns with SARS. It uses proven formulas to calculate TAX, thus eliminating human error, and makes submissions to SARS easy.
Contract Admin System Software
CAS is a Linx, Stadium and Imagestore financial software solution specifically built to manage the following securities features:
- Tier classification, used for valuation models
- Static data enrichment
- Storing copies of Security termsheets and contracts
- Integration into Up/Downstream systems, like Crimms and SMAC
- The Contract Admin System is a single repository for static data, termsheets and contracts.
Valuations Dashboard Software continued
The Valuations Dashboard is a Linx and Stadium software solution that primarily does the daily financial valuations of Securities for our client. Daily pricing includes the integration and sourcing of Market data from sources such as JSE, Reuters, Bloomberg, Finswitch and INET, as well as the pricing of Listed Instruments from Market sources and Valuation calculations on Unlisted Securities (by using complex FINCAD models & functions).
Daily pricing outputs Approval and Exception management, as well as Exception reports (not priced, stale price and variances).
The Valuations Dashboard manages and controls the processes necessary for daily pricing, and ultimately leads to robust pricing models via FINCAD.
Wallstreet Data Extracts Software
Our financial industry client requires transactional data from the FX Trading System of Wall Street on a daily basis; this data is sent in batches to downstream systems. To achieve this, Linx software is used to connect to the Wall Street database, extract the relevant information (FX deal information, foreign loan deal information, GL postings, risk information, client utilisation information etc.), and transform the data into the layout required by the various downstream systems.
Approximately 100 extracts are sent via Linx daily, all within 2 hours. Also, the turnaround time to implement a new extract from WSS is very quick and scalable.
Wallstreet Reports Software
Digiata uses Stadium software & MS SQL Reporting Services to provide online financial reports from Wall Street to business. There are approximately 150 reports that can be retrieved at any given time, simply by logging onto the Stadium front-end, running the required report and saving it to Excel.
This software system is scalable resulting in a quick turnaround time on development; reports are available 24/7 and businesses can get their data as and when they need it.
The MGP240 system software’s main purpose is to reduce call centre phone calls from clients querying financial details for specific transactions that happened on their accounts. The MGP240 pre-emptively sends clients statements every night, so that they have the full details at their disposal.
The system integrates with the source transaction system, in order to receive all the transactions that need to be distributed, and then automatically exports all the transactions per client into statement files. These are then automatically emailed out.
The system software is completely automated and requires no user input to function on a day-to-day basis. The MGP240 has led to a substantial reduction in call load for the call centre.
Commitment Fees System Software
The commitment fees financial system software is used to calculate billing for corporate clients that have loans with the bank, but are not making full use of them. A commitment fee is an allocated portion of available credit to a client, for which the client is charged, even though the portion is not being used.
Each client has one or more facilities. For each of these facilities, daily information is received from the ACLM system. This system has daily information per facility for a particular billing month, which is used to create the billing information. The ACLM data will indicate how much of the apportioned credit (facility) was used and the client then gets charged for the unused portion in a tiered fashion. This means that, for a certain amount range, a certain fee will apply and so on; the system’s pricing calculator determines this fee. Billing can now be handled manually or automatically via our client’s pricing and billing engine.The commitment fees software system is integrated with the our client’s pricing and billing engine and the ACLM system; this means that all data transfers are completely automated.
The commitment fees system software has resulted in the speeding up of the billing process, the automated generation of invoices, and a comprehensive audit trail on all information and calculations. Billing information has become more accurate and easier to store, and escalations and notifications have become automated.
The BankCodes financial software system enables retailers to do a credit check on any individual applying for credit.
If a person wants to buy an item at a retailer on credit, the retailer sends the person’s details through to our client, and obtains a credit code indicating what the person’s creditworthiness is. The retailer then uses this information to grant or deny the application for credit.
The BankCodes system has sped up the process of determining a person’s creditworthiness substantially. It has also automated escalations and freed up staff capacity by automating the bulk of the process. It leaves behind a comprehensive audit trail of all information provided.
Corporate Pricing Software
The Corporate Pricing System is a data aggregator and pricing calculation tool used by the corporate banking cluster. It assists with the annual pricing review exercise for high volume clients, by aggregating data from various product systems in their native format and linking them to the respective clients (based on the charge accounts associated with them).
The software system handles the process flow for authorisation, document creation and data exports.
Bankers can view real-time revenue fluctuating reports (at a product and client level) by amending individual fees, and managers can track the progress of transactions.
The Corporate Pricing system manages the process flow to acquire authorisation of new pricing, automatically generates new pricing schedules for the client upon completion, and creates extracts for the individual product systems (which can then be used to run bulk updates).
The system follows an approval process to govern the pricing changes and rules, giving managers a clear view of the progress and status at all times. It creates bulk extracts to update individual systems; allows for real-time revenue impact assessment, and has resulted in the automation of pricing schedules.
Global E-Messenger Software
Global E-Messenger is a financial transactional notification software system specifically built for the global business of our client. It emails copies of transactions to global clients and utilises Linx, Stadium & forms tools.
The main functionality of GEMS is to retrieve copies of incoming and outgoing telegraphic SWIFT messages (MT103), compile the information into a PDF format and then email a copy to clients. It also sources debit & credit advice information from payments systems in the bank, formats it into a PDF format and emails a copy to clients.
GEMS is a scalable solution that can easily accommodate new sources of data. No other offering that sends transactional data to clients currently exists for our client.
After the Valuations Dashboard system software calculates the valuation (price per unit) on instruments, these prices must then be loaded into SMAC (the asset management system) on a daily basis.
SmacIT sources daily valuations for instruments, and then converts them to a yield (should SMAC only expect yields for certain instrument types) or uses the valuation sourced by Valuations Dashboard and sends it on to SMAC.
SmacIT results in flexible utility to source and the transfer of prices or yields to an asset management system.
Within the fields of integration and automation system software, Digiata has worked on several different projects, and in doing so, demonstrating a variety of different capabilities…
Instrument valuations: Digiata has been integral in the valuation and price comparison of listed and complex unlisted investments including models such as Fincad.
Omgeo integration: Digiata has aided trade flow integration to support Omgeo trade confirmation.
Iress/Iress Pro integration: Having also aided trade flow integration to support trade, Digiata is well versed in the execution and allocation management with FIX connectivity and Iress.
General ledger systems integration: Digiata has experience with integration into SAP, JD Edwards/Orcale Financials, Accpac, GreatPlaines and Pastel/Sage.
Bulk correspondence automation and distribution: Heading up the creation and maintenance of letter/report/Statement templates as well as schedule the generation and distribution of bulk correspondence (PDF and EMAIL) have also been amongst Digiata’s accomplishments.