Appway Client On-boarding & Maintenance Module Integrated in Odyssey Financial Technologies Wealth Managers Suite
Zurich, Lausanne, New York, 16 February 2010 – Numcom Software AG, the company behind Appway™ the leading Client on-boarding and KYC compliance solution for the Financial Services Industry, and Odyssey Financial Technologies, a global provider of front- and middle-office software for the Private Banking, Private Wealth Management and Asset Management industries, today announced the global launch of the latter’s Client On-boarding & Maintenance solution powered by Appway™. The solution, already introduced in North America 6 months ago, automates the difficult, time-consuming client on-boarding process by ensuring that data gathering and compliance rules, as well as documentation and agreement policies, are strictly applied in a streamlined cost-efficient manner. The solution is powered by Appway™, a software product used to build and manage process-driven web applications. Appway™ is developed by the Swiss provider of Business Process Management and Composite Applications, Numcom Software AG, and is fully embedded in Odyssey's WealthManager™ platform.
The Client On-boarding & Maintenance solution enables wealth management firms to efficiently enforce best-practice client/account opening and maintenance procedures. It handles the account-opening process from start to finish with huge savings in time and costs. It resolves front-office productivity issues and provides financial institutions with the agility to quickly adapt to changing regulations and business objectives. The Client On-boarding & Maintenance solution enables firms to implement the particularities of their client/account opening and maintenance procedures without any programming skills.
“The process of opening client relations and accounts in private banking and wealth management is cumbersome, expensive and detrimental to advisor efficiency,” says Didier Pitton, Odyssey’s Vice-President of Marketing & Product Management. “More than ever, in today’s market conditions, wealth management firms need to improve the efficiency of new client processing and become more agile, adapting quickly to changing legal and business requirements. They need to provide wealth management professionals with an intuitive application that automates this process as much as possible, avoiding long, costly software development and maintenance projects.”
Rene Huerlimann, Numcom’s Director Sales, comments: “The Client On-boarding & Maintenance solution responds to this emerging account opening requirement. It dramatically enhances the client on-boarding process by reducing the time spent on administrative tasks, eliminating transcription errors and hiding the complexity of legal and compliance rules.”
The Client On-boarding & Maintenance solution allows wealth management firms to:
Guide end-users through every stage of the data gathering process
Automatically pick and assemble the relevant set of contracts and forms based on business rules
Pre-fill and print contracts/agreements and forms (including bar codes)
Support supervision and authorization of the process through collaborative workflows
Check and verify contact names using the NameMatcher and external AML services
Automatically create and activate accounts
Graphically design the workflows for the process
Manage document and form authoring, publishing and archiving
Monitor business activity
On-boarding and Maintenance processes vary widely from one institution to another. For this reason, the solution is delivered with a state-of-the-art administrative console called “Studio”, which lets business analysts create and adapt screens, pageflows, workflows and business rules to the specific requirements of their institution’s client on-boarding process without any need for software programming.
About WealthManager™ WealthManager™ is an integrated Wealth Management Platform designed to simplify and improve the daily work of professionals who manage and advise individuals’ wealth. The platform is a suite of components that can be combined flexibly to create leading business solutions for Client Management, Advice, Sales, Portfolio Management, Compliance and Client Reporting. WealthManager™ enhances all facets of the wealth
management process, is highly scalable, multi-lingual, and multi-currency, and provides the technology that allows firms to increase their client service capabilities, reduce costs, and generate additional revenue. WealthManager™ enables wealth management firms to serve all client segments from Mass Affluent to High Net Worth investors and to fully support the provision of discretionary, advisory and brokerage services from a single platform.
About Odyssey Financial Technologies Odyssey Financial Technologies is a global financial technology company specializing in front and middle-office software for the Private Banking, Private Wealth Management and Asset Management industries. Over 200 financial institutions in more than 30 countries have chosen Odyssey software products to increase their client service capabilities, reduce costs, and generate additional revenue. Founded in Luxembourg in 1995, Odyssey has offices in key financial centres, including New York, Singapore, Zurich, Frankfurt, Munich, Brussels, Geneva, Tokyo and Sydney. Odyssey’s operational head office is located in Lausanne, Switzerland. The development centres are located in Toronto, Lausanne and London.
