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Monday, March 20, 2000 First Union Upgrades Processing First Union National Bank is upgrading the automation of its mutual fund back-office processing with the Mutual Fund Desk suite of software from Vertical Management Systems (VMS). The Mutual Fund Desk software provides First Union with a package of back-office systems, linking mutual fund trading, reconciliation and income processing. First Union processes trades, income and reconciliation for more than 4,500 mutual funds daily with the Mutual Fund Desk.
The Mutual Fund Desk includes: -- The Mutual Fund Trading Desk -- An automated mutual fund trading platform linked to Fund/SERV, Vanguard and First Data's DAZL product as well as other electronic and manual trading interfaces -- The Mutual Fund Reconciliation Desk -- An automated mutual fund reconciliation system linking First Union's trust accounting system with NSCC's Networking, DST, First Data, Vanguard and Fidelity -- The Mutual Fund Income Processing Desk -- An enhanced mutual fund income processing system electronically linked to the mutual fund complexes and First Union's trust accounting system -- Specialized Information Services -- A data subscription service providing mutual fund distribution announcements, daily accrual factors and audited net asset values for 100% of the mutual funds held in First Union's client accounts Printed from: MFWire.com/story.asp?s=25603 Copyright 2000, InvestmentWires, Inc. All Rights Reserved |