LAWFUEL – IBM & Data Management News – Access Data Corp., the leading provider of enterprise reporting and data management services for the financial services industry, announced today that it has forged a partnership with IBM to provide a wide range of technology resources in support of Access Data’s rapidly growing data management services and software solutions business.
Pittsburgh, February 4, 2007 — Access Data Corp., the leading provider of enterprise reporting and data management services for the financial services industry, announced today that it has forged a partnership with IBM to provide a wide range of technology resources in support of Access Data’s rapidly growing data management services and software solutions business.
The need for detailed shareholder data has become an important ingredient for meeting the new SEC Rule 22c-2, related to monitoring shareholder trading patterns in order to detect market timers. The Rule, which has a compliance date of October 16, 2007, requires financial intermediaries to provide mutual fund companies access to shareholder identification and transaction information upon request.
“With 500 mutual fund companies distributing over 8,000 mutual funds through 6,500 financial intermediaries, representing over 400 million accounts, the challenge to mutual fund companies and intermediaries to share, store, and secure data is daunting,” said Daniel Cwenar, president and chief operating officer of Access Data Corp. “IBM is an ideal partner to assist us in meeting these industry challenges,” added Mr. Cwenar. “IBM’s significant resources, including hardware, software and services, will assist us in providing our clients secure and scalable solutions required to meet Rule 22c-2.”
“We are pleased to partner with an innovative company like Access Data that has a strong track record of solving complex business issues for the financial services industry,” said Michael J. McCabe, Partner Financial Management Risk & Compliance Leader of IBM. “IBM has a strong interest in providing our significant resources, technology, and services to empower industry market leading firms like Access Data,” added Mr. McCabe.
Access Data offers leading financial services firms a proprietary shareholder transaction data exchange network, Access Data ExchangeSM (AccessDXSM), to provide straight through processing of detailed shareholder data among mutual fund companies and financial intermediaries. AccessDX relieves mutual fund companies and financial intermediaries from developing custom data feeds for each trading partner and accelerates the industry’s ability to comply with the requirements of SEC Rule 22c-2. Utilizing Access Data’s proven process for rapid data interface development, combined with proprietary data workflow technology, AccessDX connects a broad network of intermediary sub-account platforms to its SalesVision suite of applications.
Access Data’s flagship product, Access Data SalesVision® is an on-demand enterprise shareholder solution used by financial services companies representing more than $1.5 trillion of assets under management. SalesVision enables leading financial services companies to analyze, track and report integrated shareholder data to Fund Boards, corporate management and business users across the organization.
About Access Data
Access Data Corp. is the leading provider of enterprise reporting and data management services for asset management firms and financial intermediaries. Access Data SalesVision® is a Web-based shareholder solution for sales, compensation, and 22c-2 compliance. Access Data ExchangeSM provides straight-through processing of mutual fund sub-account transaction data to help mutual fund companies and financial intermediaries meet SEC Rule 22c-2 requirements. Access Data Professional Services has enabled the world’s leading financial services companies to re-engineer business processes, launch new technologies, and create powerful management tools more efficiently, delivering increased profits, reduced costs and strengthened customer relationships. Access Managed Services manages software, hardware and networks in its secure data center to host client applications, reduce costs and provide back-up and recovery services. To learn more, visit www.accessdc.com or call 1-888-799-1744.