In the retail alternatives market, technology is essential to delivering a client experience that attracts customers and earns their loyalty. It’s also vital for creating more transparent, efficient operations to support increased growth. Yet, no solution exists today that digitizes the entire subscription process, simplifies the client experience and provides transparency throughout—until now.
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In our last post, we talked about how SS&C approached the development of Lyric. We learned that microservices are a core part of Lyric’s architecture. Modern developers are increasingly adopting microservices due to their agility-focused benefits, and as a result, the architecture is appearing more and more in new technologies. However, for those who work outside the tech world, microservices likely spark some basic questions: what are they, why use them, and what are the benefits?
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What does it take to develop and implement transformational technology? Quite a lot. Resources, vision, investment and expertise to name a few. For SS&C, our Lyric journey began with a well-designed plan focused on the fundamentals: understanding the business and marketplace needs, alignment between tech priorities and business needs throughout the process, and delivering on outcomes.
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AEOI compliance can be very complex, as different countries and jurisdictions have different requirements. AEOI, which stands for Automatic Exchange of Information, covers both the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS). FATCA is a US regulation enacted in 2010, and CRS is the global equivalent enacted in 2014. An international framework of more than 100 participating jurisdictions have signed a Multilateral Competent Authority Agreement to facilitate the automatic exchange of information to prevent tax evasion.
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SS&C is often known for growth through acquisition, but this really only tells part of the story. In 2020, SS&C spent over $471 million on research and development, and we count among our colleagues some of the top software developers across the world. As a technology house, we drive not only new solutions for our clients, but also move the dial for the financial services industry as a whole.
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We recently spoke on the American Bankers Association podcast, and discussed philanthropic and family office solutions, and what features and tools fund managers need to be effective and efficient. Family offices need fully integrated account solutions that allow them to move away from disparate systems.
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It has been widely reported that retail investing has been booming, fueled by a combination of “Reddit meme stocks” and use of stimulus money by first-time investors. There have been well documented cases of employees at broker-dealer and investment advisory firms being distracted by the gamification of the stock market and the use of apps that have made access to markets easier than ever.
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The energy sector is as complex as the different forms of energy required to power our modern lives. According to the U.S. Energy Information Administration (EIA), “The May Short-Term Energy Outlook (STEO) remains subject to heightened levels of uncertainty because responses to COVID-19 continue to evolve. Economic activity has increased significantly after reaching multi-year lows in the second quarter of 2020. The increase in economic activity and easing of COVID-19-related restrictions have contributed to rising energy use.”
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