Cedar Rapids, Iowa--Fiserv, Inc. has introduced eFreedom Investment Management powered by BasisPoint, a fully integrated portfolio management and investment accounting solution that supports each step of the trading process--from order processing through trade execution, accounting, international settlement support and regulatory reporting. As trading practices become increasingly complex and global, more and more organizations need the comprehensive multi-currency, multi-basis, investment accounting capabilities found in eFreedom Investment Management to track business activity and report to regulators.
"Seldom have any but the very largest insurance companies had access to the robust functional and technical advantages of a top tier investment management product. This solution brings a full range of features to mid-sized insurers," said Mike Key, president of the financial products segment of Fiserv Insurance Solutions. "And eFreedom Investment Management interfaces easily to the market-leading Freedom Annual Statement and General Ledger solutions that are used by nearly 2,000 insurance companies today."
eFreedom Investment Management supports as many accounting bases and closing dates as necessary to meet the requirements of any company's portfolio. It also manages a full array of financial instruments including debt instruments, mortgage-backed securities, asset-backed securities, collateralized mortgage obligations, equities, and derivatives. Should users discover a transaction that needs to be reversed, a sophisticated cancel/replace engine automatically unwinds and rebuilds all related transactions automatically. This technically advanced client/server solution supports both SQL Server and Oracle databases, and Fiserv plans to offer the system as an ASP service in 2004.
eFreedom Investment Management solution is being delivered to the insurance market through a relationship between Fiserv and Enterprise Financial Solutions, Inc. (efSolutions) of New York, NY. efSolutions is a financial software joint venture between E/W Group, Inc. and iSi-Dentsu Inc. Founded in 2000 by financial experts with extensive investment experience, efSolutions designs and implements applications for banks, investment managers, mutual funds, retirement plans, and insurance companies.
Fiserv Insurance Solutions specializes in progressive software and outsourcing solutions for the insurance industry. Hundreds of carriers, managing general agents, and third-party administrators rely on Fiserv for policy, claims, billing, and reinsurance administration. In addition, more than 3,000 insurers use the Group's market leading financial and compliance solutions.
Source: Fiserv Inc.
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