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ASP
Processing Efficiency is Spelled with Three Letters: ASP
National
trust organization increases processing their speed and reduces
overhead costs with the First Rate ASP solution.
Presenting accurate transaction-based performance
is a trademark of this organization that serves private clients and
institutional investors. Its investment officers pride themselves on
delivering timely, detailed rates of return for every client
portfolio.
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“We
chose First Rate ASP because of First Rate’s expert
technicians, as well as our lower overhead cost. The First
Rate data center facilities are geared toward addressing our
outsourced system requirements, and we are confident in
their capabilities to deliver a dynamic performance engine
while maintaining the integrity and security of our data”
Rick
Manning
Performance Measurement
PNC Advisors |
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Client Situation
One of the nation’s largest wealth management
firms, with more than 30,000 clients and $200 billion in
assets, this firm conducted an audit of the systems used
to host their in-house performance solution and realized
that some changes were necessary to become more efficient
and increase the accuracy and timeliness of investment
results for their clients
The firm consulted with First Rate to
recommend a more robust platform to create a solution that
would increase efficiency, be cost effective and scalable
for future growth of the business. The
First Rate Consulting and
First Rate ASP teams met with key players involved
with the existing performance solution. They documented
processes and procedures, analyzed what was working, and
took note of deficiencies that made it difficult for
National Trust to provide specific services to clients.
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The Solution
The review led to several recommendations for maximizing
data verification processes and systems configuration
efficiency that would dramatically reduce processing
times.
Security
This firm maintained strict data security processes that were unique
to its institution. First Rate ASP designed a customized solution that
met those security standards and then committed to periodic audits to
verify adherence.
Transparency
Long-time, in-house solution users did not want to change their
process for accessing performance data. Moving the data off-site was a
concern, until users tested the
First Rate Performance®
suite running offsite, and could not notice a difference in accessing
the system – except that it processed data faster than the current
solution.
Disaster Recovery
There was a need to maintain a high level of fault tolerance in the
production environment. Several members of the First Rate ASP team are
certified in the development of Disaster Recovery/Business Resumption
plans. They reviewed the existing plans and designed a plan that
minimized opportunity for service interruptions, met the standards of
the organization and still maintained a cost-effective solution.
Upon demonstrating an ability to address each of the National Trust
concerns, First Rate Operations documented the systems environment and
all processes required to host the ASP environment. They prepared a
Service Level Agreement with guaranteed performance levels, as well as
specifications of what to expect in different situations.
The Results
The trust organization transitioned to the ASP environment after
several weeks of testing. The transition was transparent to their
internal users and clients. Performance returns are now available a
full business day earlier, and each software application performs
faster. Monthly processing times dropped by nearly 20 percent, and the
process required to access the system did not change.
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