Northern Trust has enhanced its reconciliation and payment processing for intermediary payments with the help of Broadridge Financial Solutions.
According to a release, Northern Trust has implemented Broadridge's Revport revenue and expense management platform in order to streamline its processes for invoice validation, controls around invoicing and payment processes and reporting options on how funds communicate with their boards.
The aim is to provide greater automation of payments, including the calculation of expected invoice amounts; improved reconciliation, with the ability to compare expected amounts to actual invoices, set tolerances and identify discrepancies; while providing enhanced board-ready reporting, including summarized payments and fee arrangements, according to the release.
"As the SEC has increased its focus on mutual fund fee arrangements, Northern Trust has developed capabilities that help our fund clients tighten controls around their oversight process," said Dan Houlihan, head of Global Fund Services in North America at Northern Trust, in a statement. "We view this as a natural extension of our dealer servicing support for U.S. mutual funds."
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