Access Data Corp. has signed a letter of intent, on Friday, with
Confluence Technology and
Cascade Technologies to create an ASP (Application Service Provider) for mid-market mutual funds and 401(k) providers, the company told the MFWire.com at the ICI Operations Conference, in Florida.
Access Data's
Access-e Solution allows customers to use the Internet to download software that would otherwise be too expensive and complicated to support alone. According to Access Data, the new ASP will reduce the time and money involved in costly on-site installation and support.
"Software is becoming more portable,"
Charles Miller, senior vice president, client development and management said at Access Data said. "The Access-e Solution is very much like downloadable music."
Confluence, which is known for its
FundStation suite of products for mutual fund accounting, administration, marketing and shareholder service, is using Access Data to target its software products to mutual fund companies that have about $1 billion to $25 billion in assets. However, the one company that is using an early version of the product is an investment company with $60 billion in assets. Miller would not specify which investment company.
The alliance between Access Data and Cascade represents the first time the ASP model has been applied to 401(k) recordkeeping, according to Cascade. Industry observers at the SPARK conference in Palm Beach, Florida report that there are many interested recordkeeping parties waiting in the wings to see its effectiveness.
Vigdis Austad, president of Cascade said, "This product will definitely make smaller companies more competitive and will give them access to software they would not normally have access to."
ReSourcePhoenix.com, a developer and marketer of sales force automation software has also worked closely with Access Data in the creation of this new product.
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