Seth Johnson, CEO
“We are a company focused on fee billing and revenue management platforms for the financial services industry,” begins Seth Johnson, CEO of Redi2 Technologies. The company’s cloud-based solutions enable clients to improve their operational efficiency, protect themselves against fee leakage, and improve reporting on financial and management decision-making. They take into consideration payment and revenue management for the collection of the fees. With such capabilities and more, they tackle manual, error-prone processes, unnecessary revenue loss, and compliance violations that can attract a heavy penalty.
The prominent solution of Redi2 is its Revenue Manager™ whose history goes back to 1997. One of the world’s largest financial institutions needed to solve their biggest revenue management problem that had been a thorn in their side for quite some time. Their home-grown billing and invoicing solution built to handle the production of investment management fees was taking 12-13 weeks to process and distribute invoices. The client desperately wanted a solution that could speed up the complex investment management invoice distribution to better serve its clients and improve cash flow. Revenue Manager was built and the entire billing process was automated, reducing the invoice distribution time from 12 to 4 weeks. The solution can calculate asset-based fees, performance fees, custody fees and various other fee types and then pass them on to an integrated approval process. After the necessary approvals the system automates the distribution of invoices and sends detailed and summary journal entries to the general ledger. Currently in its 8.X version, Redi2 Revenue Manager™ is being used by some of the largest institutions in the world, including The Bank of New York Mellon, Principal Financial Group and Aberdeen Standard Investments.
Further, to tackle the billing and revenue collection inaccuracies within the wealth management industry, Redi2 released Wealth Manager in 2010. Redi2 Wealth Manager™ is a billing system designed specifically for a wealth manager’s turnkey asset management platforms.
We take pride in our deep feature-set that provides greater flexibility of the billing rules for installations
This solution differs from Revenue Manager in that it handles high volume, retail fee calculations and payments for multiple intermediaries. Redi2 Wealth Manager™ has a payment model that allows the solution to calculate various fee types and pay multiple interested parties, and caters to TAMPs, independent broker deals with retail, managed account and advisory operations.
Today, entrepreneurs are breaking off from multinational financial institutions and setting up their own financial advisory firms. However, advisors need a billing system to seamlessly calculate and collect their management fees. To that end, Redi2 launched BillFin™, a billing system designed specifically for independent registered investment advisors (RIAs) with integrations to the top custodians. The multi-tenant cloud-based system gets advisors up-and-running quickly to calculate and collect their management fees. At present, over 600 financial advisor firms are using the solution.
As a leading provider of cloud-based billing solutions for the financial services industry, Redi2 offers professional customer service and ensures robust system performance. As the software deployment is based on a managed service model, the firm has the leading edge in providing support and maintenance services. In addition, the firm conducts annual SOC audits on its operational controls to provide SOC attestation reports to clients for transparency. Unlike its competitors, the firm has a product-specific design for a given industry segment, and its products are designed with intelligent database models to cater to the three industry sub-segments, asset management, wealth management, and financial advisors. The architecture helps the solutions to deliver a purpose-built user experience unique to the different models in the financial services industry. “We take pride in our deep feature-set that provides greater billing and revenue management flexibility for over eight hundred financial services firms in the world,” says Johnson.
Redi2 looks forward to launching its new performance fee module in Revenue Manager to calculate performance fees. It is working to embed Tableau to improve its client reporting. Besides, the firm is launching an advisor portal for its wealth management offering to enable advisors to view billing rules and fees.