Envision Financial Systems has announced the successful onboarding of UMB Fund Services' Transfer Agency services onto its comprehensive investor recordkeeping platform, completing a conversion that replaces a system UMB had used for over two decades. This transition represents a significant technological upgrade for UMB Fund Services, which provides registered and alternative investment fund services including mutual funds, interval, and tender-offer funds. The move to Envision's platform is expected to bring substantial benefits to both UMB's customers and associates through improved service delivery and operational efficiency.
Mike Huisman, UMB senior vice president and director of Transfer Agency, noted that the conversion would help automate processing, modernize their service model, and position UMB for new business opportunities. This strategic decision aligns with growing industry demand for more efficient and technologically advanced solutions as regulatory requirements become more complex and investors demand more sophisticated services. Uma Wilson, UMB executive vice president and chief information and product officer, expressed enthusiasm about the anticipated improvements resulting from the transition.
Envision Financial Systems, known for its leadership in investor recordkeeping technology, facilitated this transition with Tom Wiedecker, executive vice president at Envision, emphasizing the company's commitment to bringing modernization and increased automation to UMB's operations. The implementation allows UMB to sunset several ancillary systems it had developed over the years, leading to a more streamlined and efficient operating model. This consolidation enhances UMB's ability to handle increasing complexities and requirements of various investment products while reducing operational costs that may ultimately benefit investors.
Envision's reputation for innovation was recently reinforced when it received the Industry Innovation in Technology award from Nicsa, a prominent industry trade association, as detailed on https://www.nicsa.org. The award recognized Envision's efforts in eliminating manual work related to on-system tender-offer and capital-call processing and reporting. This collaboration between Envision and UMB reflects a broader trend in financial services toward adopting more advanced, automated systems necessary for institutions to remain competitive.
The successful implementation demonstrates the potential for large-scale system overhauls to significantly improve operational efficiency and service quality in financial services, potentially serving as a model for other institutions considering technological upgrades. For investors and fund managers, this development promises enhanced service delivery, potentially faster processing times, and improved accuracy in fund management and reporting. As the financial services industry continues to evolve, partnerships like this one between technology providers and financial institutions are becoming increasingly crucial for driving innovation and maintaining the industry's ability to meet changing investor and regulatory needs.
