L&T Infotech FSTI supports banks, mutual fund and insurance companies to electronically process GIC and DII transactions through its Unitrax cloud-hosted platform
MISSISSAUGA, ON, Aug. 20, 2012 /CNW/ - L&T Infotech Financial Services Technologies Inc. announces the expansion of its ability to support Guaranteed Investment Certificates (GIC) and Daily Interest Investment processing (DII); enhancements that support the interface between GICSERV's electronic standard files and Unitrax. L&T Infotech FSTI's Unitrax platform is the leading comprehensive and flexible investor recordkeeping and transfer agency system for investment fund and guaranteed products.
The decision to expand L&T Infotech FSTI's FundSERV compliant platform to support the industry leading GICSERV solution was a logical evolution of the company's offering to the marketplace. Unitrax has been supporting core features for GIC and DII transactions and administration processing since 1999, as such today's announcement was the natural progression of enhancements required to keep ahead of industry needs.
According to Mark Hubbard, Head of Financial Services Technologies, L&T Infotech FSTI, "We adopted this approach to ensure that our clients remain at the forefront of technology; remaining fully compliant with industry standards while allowing participation in the operational efficiencies that GICSERV provides. We consider this a natural extension of our Unitrax solution, which already supports GIC administration today."
Mark Feekery, head of the GICSERV initiative at FundSERV, says,"The GICSERV functionality will provide full transaction processing for nominee and client name platforms, multilateral net settlement and account position reconciliation. These efficiencies complement FundSERV's mission of reducing time, cost, and risk within the Canadian investment industry."
About L&T Infotech FSTI
Larsen & Toubro Infotech Financial Services Technologies Inc. (L&T Infotech FSTI) is the leading provider of transfer agency, fund administration software products, solutions and services in Canada. Headquartered in Mississauga, Canada and a subsidiary of L&T Infotech, L&T Infotech FSTI offers SaaS-based, end-to-end technology solutions to the banking and financial services industries with particular focus on the wealth management products of the banking, mutual fund, insurance and alternative investment sectors.
L&T Infotech FSTI's flagship product, Unitrax®, is widely deployed across Canada, supporting in excess of $400 Bil in assets under management (as of Dec 31, 2011) spanning 175 fund manufacturers, asset managers, banks, mutual fund and insurance companies in support of numerous wealth management products.
FundSERV Inc. is a leading provider of electronic business services to the Canadian investment industry. Established in1993, FundSERV is the most efficient investment transaction processing system in the world. Today, the Company's focus is on the data standards and security infrastructure that will enable the industry to continue to apply technology for the ultimate benefit of the Canadian investing public. The company serves more than 700 organizations and their business units and provides online access to over 10,000 investment fund instruments. The Company also supports the committees and working groups that address issues and develop electronic data and security standards for the industry.
For more information on FundSERV, visit www.fundserv.com
For more information on GICSERV, visit www.gicserv.com
SOURCE: L&T Infotech FSTI
For further information:
Gail Masters, L&T Infotech FSTI
L&T Infotech Financial Services Technologies Inc. Main Office
2920 Matheson Blvd East,
Mississauga, ON, L4W 5J4
T: (905)212 8899
Toll: (866) 968 2003