Technology provider IFA Dataflow has announced the launch of a new on-demand data management and analysis service Commission Express.
The service allows advisers to send commission and fee statements to IFA Dataflow in electronic format, and have files with many transactions from multiple providers and wraps converted rapidly.
The data can be made ready for immediate import into back-office solutions.
Additionally, the data can be manipulated if required, and multiple transactions for the same client can be aggregated into one transaction, which IFA Dataflow bosses said saves more time in importing the data.
Ian Lane, managing director and founder of IFA Dataflow, said: “The biggest problem for advisers is that the provider statements are not in the format required by their back-office systems to import.
“These files have to be manipulated, and most of this is done manually. Many of the provider formats require simple data manipulation, but Commission Express really becomes useful for more complex requirements.”
Wealth managers Obsidian Financial took part in the pilot of the Commission Express service.
Clive Saffer, director of Obsidian, said: “Every morning we receive commission statements showing hundreds of transactions and all this data has to be married up to what our back-office system needs, but obviously it comes in lots of formats and often using different abbreviations.
“When we tried to re-format and interpret this manually it was a long a laborious process, taking an administrator several hours, but now we just send it over to IFA Dataflow for input into Commission Express and, ‘bang’, it is literally done in seconds.”