Press Releases
Mellon Investment Manager Solutions (IMS) Adds Billing Enhancements to Outsourcing Services Delivery Platform
—Platform upgrade for major IMS client incorporates Redi2 Revenue Manager 4.0—
PITTSBURGH, August 22, 2005 — Mellon Financial Corporation's Investment Manager Solutions (IMS) business today announced the successful deployment of Redi2 Revenue ManagerTM, an advanced billing technology now on-line as part of the IMS technology platform supporting operations for a principal outsourcing client.
Developed by Redi2 Technologies, Revenue Manager automates investment management fee billing and general ledger/accounts receivable interfacing. It is used to calculate a broad range of complex fee types, manage and audit-trail the generation and approval of invoices and accruals, and analyze billing and accrual data. In 2004, Mellon made a strategic decision to integrate Revenue Manager into its outsourcing platform. Now calculating fees and generating invoices with Redi2, IMS will license Revenue Manager to provide billing and revenue accounting services to its clients.
"The advanced rules-based functionalities of Redi2 Revenue ManagerTM allow our platform to accommodate a wide variety of fee schedules and billing formats," said Jeff Nachman, head of the Mellon IMS service delivery team. "Redi2's ability to deliver a highly integrated solution while also meeting a rigorous project timeline contributed significantly to the success of this project."
"Given Mellon's stature as a leading global provider of asset management outsourcing services, we are very excited that IMS is leveraging Revenue Manager's multi-firm, single-site architecture to meet the stringent service-level demands of its investment management clients," said Seth Johnson, CEO of Redi2 Technologies.
About Redi2 Technologies, Inc. An investment management software products and services company headquartered in Oakland, Calif., Redi2 Technologies, Inc. is a premier provider of fee billing and revenue management solutions to institutional investment, private wealth, custody and general asset management firms. Asset management firms implement Redi2 Revenue Manager to improve cash flow, reduce global operating costs, improve client service and advance compliance initiatives. Redi2 Revenue Manager 4.0 can be deployed on Oracle, Sybase, MS-SQL Server, and IBM DB2 relational database platforms, and Sun Solaris, IBM AIX, HP-UX, MS Windows Server, and Linux operating systems. News and other information about Redi2 is available at www.redi2.com.
About IMS: Supporting more than 30 clients with a total asset base in excess of $350 billion, IMS brings together Mellon's extensive and proven asset servicing capabilities to meet the middle- and back-office processing requirements of investment managers. With locations in the U.S., Europe and Asia, IMS operates on a global basis, and provides outsourcing and technology solutions, including investment accounting, fund administration, trade communication, and performance-analytics.
Mellon Financial Corporation is a global financial services company. Headquartered in Pittsburgh, Mellon is one of the world's leading providers of financial services for institutions, corporations and high net worth individuals, providing institutional asset management, mutual funds, private wealth management, asset servicing, payment solutions and investor services, and treasury services. Mellon has approximately