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Money Management Institute and Peridrome Corporation release white paper on business case for commmunications standards
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Gib Veconi, Peridrome Corporation (877) 363-7770 x101 Scott Sunshine, Middleburg Communications (212) 812-5665 |
Washington, DC, July 30, 2008 – The Money Management Institute (MMI), the national organization for the managed investment solution and wealth management industry, and Peridrome Corporation, a provider of straight-through processing solutions for wealth management operations, announced today the release of a white paper validating the need for industry adoption of communications standards in the managed account solutions industry.
The industry has been working since 2002 to create standard messages to support the full range of business processes through the MMI Managed Account Solutions Standards (MASS) Committee. Earlier this year the committee released 24 XML schema as an open source project on Sourceforge.net. With this release, firms can begin to define projects and propose building applications that leverage and take full advantage of the savings that the standards can help realize.
“Having reached this point in the effort to build communication standards, we felt it was important to quantify to the industry the potential savings that could result from implementing applications that integrate the message standards,” said Gib Veconi, CEO of Peridrome Corporation and co-chair of the MASS Committee . “ It’s now time to deliver the savings the industry has been expecting from this effort. We also felt it was critical to give our peers the tools for building their own business cases and project plans. We believe this white paper makes a compelling case for adoption.”
The white paper reflects the potential savings that can come from adopting the standards and also from building the applications that take advantage of the message standards by creating a straight-through processing environment.
Gary Jones, MMI VP for Industry Operations said, “As was reflected in Accenture’s recommendation to the MMI in 2006, the real promise of the standards comes from integrating the messages into STP applications. This paper shows the gains that the broader securities industry has achieved through adopting similar practices.”
“The managed solutions industry has been looking for ways to improve efficiency, especially in this current environment, and we think that this is the best opportunity to see big improvements in the current cost structure,” added Mr. Veconi. Noted Mr. Jones, “The purpose of this paper is help industry participants build their own business cases and project plans. We encourage members to contact us to review or apply the model to your own firms’ operations.”
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Download the white paper "A Business Case for Automation of Managed Accounts Processing" by Gib Veconi and Gary Jones |
About The Money Management Institute
The Money Management Institute (MMI) is the national organization for the managed solutions industry, representing portfolio manager firms and sponsors of investment consulting programs. The MMI was organized in 1997 to serve as a forum for the industry’s leaders to address common concerns, discuss industry issues and work together to better serve investors. The MMI is the leading advocate for these industries on regulatory and legislative issues. For more information on MMI, visit www.moneyinstitute.com.
About Peridrome
Peridrome Corporation offers leading providers of wealth management services strategic and tactical analysis, technical expertise, and software solutions that enable them to build operational scalability, increase business efficiency, and improve the customer experience of the investors they serve. For more information on Peridrome, visit www.peridrome.com.
About the Managed Accounts Solutions Standards Committee
The Managed Account Solutions Standards Committee was established as the MMI Operations and Communications Standards Committee in 2002. The Committee develops messaging standards to support the range of business processes necessary to open, maintain, manage and administer a Managed Solutions investment product. Its members include representatives from leading investment managers, brokerage firms, and service and solution providers.