FinTech since 1999

 

F|S Fees & Commissions
 
The platform
 
What is F|S Fees & Commissions?
 

F|S Fees & Commissions is Finsoft's real-time fee and commission platform for the fund industry. It tracks the calculation of payables and receivables and produces the payments, invoices, statements, credit notes and reports for distributors, suppliers, clients, investors and more. It has five modules: Commissions, Fee Billing, Billing & Payments, Reporting and the Agreement Repository.
 
Which fees and commissions can F|S Fees & Commissions calculate?
 

F|S Fees & Commissions calculates product-related fees (administration, advisory, custodian, management, risk management, transfer agent, performance-based, and entry and exit fees) and partner commissions (rebates, retrocessions, trailer fees and agency fees).
 
Which calculation methods does F|S Fees & Commissions support?
 

F|S Fees & Commissions supports calculations based on volumes, holdings, transactions, thresholds, rates, tiered and stepped scales, frequency, reinvestments, trade basis and averages such as daily average or daily median. Parameters and calculation methodologies are flexible and customisable.
 
Are calculations done in real time?

 

Yes. F|S Fees & Commissions calculates and reports in real time, using a highly scalable, multi-threaded calculation engine built on Microsoft technologies. It processes massive transaction volumes daily with speed and precision.
 
Does F|S Fees & Commissions produce invoices, payments, credit notes and statements?

 

Yes. F|S Fees & Commissions generates invoices, payments, credit notes and statements from its calculations. Fees produce invoices and commissions produce payments. Credit notes correct amounts already processed.
 
What happens when data changes after an invoice or payment has been processed?

 

F|S Fees & Commissions processes the correction. Backdated changes to calculations, payments and invoices are supported, so when new data alters a transaction already processed, the amounts are recalculated and corrected.
 
Can F|S Fees & Commissions simulate the effect of a change?

 

Yes. F|S Fees & Commissions can run simulations of past and future events.
 
What reporting does F|S Fees & Commissions include?

 

Standard and ad-hoc reports from a customisable report engine, in Excel or PDF, giving internal and external stakeholders clear visibility into all payables and receivables. An email engine distributes reports, payments and invoices automatically.
 
Which systems does F|S Fees & Commissions integrate with?

 

F|S Fees & Commissions has interfaces with common accounting systems and data providers including Olympic, Multifonds, Xentis, SCD, GEOS, Kordoba, Temenos, Avaloq, SAP, V3 and Diamos. It imports data from various sources and formats, with Excel imports and exports, an API, load capabilities and full straight-through processing. The number of source systems that can be configured is unlimited.
 
Does F|S Fees & Commissions support multiple offices, currencies and counterparties?

 

Yes. F|S Fees & Commissions is multi-office and multi-currency, with unlimited levels of counterparty and accounts.
 
What controls and audit features does F|S Fees & Commissions have?

 

An audit trail and four-eyes control, workflows, detailed user access management, single sign-on, and physical and logical data separation. Every calculation is transparent and traceable.
 
Can parts of F|S Fees & Commissions be licensed separately?

 

Yes. Fee Billing, Commissions and the Agreement Repository can each be licensed on their own, and the others can be added later.
 
Where is F|S Fees & Commissions hosted?

 

F|S Fees & Commissions is usually hosted with a regulated hosting provider. It can also be hosted in-house at the client.
 
How long does it take to implement F|S Fees & Commissions?

 

A typical implementation of F|S Fees & Commissions takes three to six months.
 
Who uses F|S Fees & Commissions?

 

F|S Fees & Commissions was built with fund administrators, central administrators, AIFMs and management companies. It suits any firm handling multiple funds, share classes, distributors, agreements and currencies.
 
The Agreement Repository
 
What is the Agreement Repository?

 

The Agreement Repository is a module of F|S Fees & Commissions. It holds the terms of fee-bearing agreements as structured data: who is paid, on which funds and share classes, at what rate, and from which date.
 
Which agreements does the Agreement Repository cover?

 

Every fee-bearing agreement that F|S Fees & Commissions handles. That includes distribution agreements, with their rebates, retrocessions and trailer fees, and service provider agreements such as administration, custody and management fee agreements.
 
What data does the Agreement Repository store?

 

Agreements, their versions and their fee terms, each mapped to your entities, funds, sub-funds and share classes. The Agreement Repository also holds or links to the signed agreement, so each term can be traced back to its source document.
 
Does the Agreement Repository keep a version history of agreement terms?

 

Yes. Every change in the Agreement Repository creates a new version with an effective date, so the terms that applied on any past day can be retrieved.
 
How are changes to agreement terms approved?

 

Changes in the Agreement Repository go through a four-eyes validation workflow with role-based access and segregation of duties. A change takes effect only after a second person has reviewed it.
 
Does the Agreement Repository have an audit trail?

 

Yes. The Agreement Repository records who changed what, when and why, for every agreement term.
 
Can agreement terms be loaded from other systems?

 

Yes. Terms are brought into the Agreement Repository from your source documents and from any system or service provider that holds them, then structured against your entities, funds and share classes.
 
Can it compare our agreement terms with the terms held by a transfer agent or another party?

 

Yes. The Agreement Repository runs an automated comparison against any other source that holds the terms, for example a transfer agent, an administrator, a distributor or an internal system, and reports the differences as exceptions.
 
Can it classify distribution terms as rebates or retrocessions?

 

Yes. Each distribution term in the Agreement Repository is classified at record level as a rebate or a retrocession, based on the contractual entitlement. That classification is the auditable data foundation for routing client money and intermediary payments through separate flows.
 
How is the Agreement Repository different from a document management system?

 

A document management system stores the PDF. The Agreement Repository stores the terms inside it as structured, versioned data that can be validated, compared and reported on, with exception reports and dashboards.
 
Is the Agreement Repository a client book of record?

 

No. A client book of record is usually a record of who holds a firm's funds, with holdings and flows by distributor and investor. The Agreement Repository is the governed record of the agreements and fee terms themselves. It works alongside the systems that hold holdings data.
 
Does the Agreement Repository replace our transfer agent or administrator?

 

No. The Agreement Repository does not replace your transfer agent, administrator or other service providers, and it is not a generic document store or a CRM. It works alongside your existing systems as the governed record of what was agreed.
 
Can the Agreement Repository be used without the fee calculation engine?

 

Yes. The Agreement Repository can be licensed on its own, without the fee calculation engine. Fee Billing and Commissions can be added later.

​​

F|S Oversight
 
The platform
 

What is F|S Oversight?

 

F|S Oversight is Finsoft's compliance and oversight platform for the fund industry. It is a governance and compliance solution that centralises data and enhances the AML/KYC framework, with full audit trails, reporting and risk scoring built in. It has four modules: Governance, Screening, Productivity and Data Exchange.
 
Is F|S Oversight only for delegate oversight?

 

No. F|S Oversight is a register that can hold and onboard any type of party: clients, delegates, service providers, funds, investors, employees and more. It follows each one from onboarding to the end of the relationship.
 
What does F|S Oversight replace?

 

F|S Oversight replaces fragmented spreadsheets and manual workflows with automation. It is an independent platform designed to strengthen governance and reduce risk.
 
Onboarding, due diligence and digital forms
 
Does F|S Oversight handle onboarding?

 

Yes. F|S Oversight covers comprehensive onboarding and ongoing due diligence, including KPIs, and KYC onboarding and identity verification processes.
 
Does F|S Oversight use digital forms?

 

Yes. F|S Oversight collects data through online digital forms and portals. Forms gather static and dynamic data, documents, questionnaires and KPIs from service providers, clients and investors.
 
Does F|S Oversight run due diligence questionnaires?

 

Yes. Due diligence questionnaires in F|S Oversight are digital forms, sent to the other party through an online portal. They support both initial and ongoing due diligence, with scoring, risk management and due diligence reports.
 
KPIs
 
Can F|S Oversight collect and monitor KPIs?

 

Yes. KPI forms in F|S Oversight are issued from a workflow for each period. Yes/no, multiple-choice, numeric and date answers are rated Red, Amber or Green automatically against the thresholds set for each question; free-text answers and uploaded documents are rated by the reviewer. Ratings roll up from question to section to one overall rating per party per period.
 
How does F|S Oversight monitor SLAs, and what happens when a KPI is missed?

 

In F|S Oversight an SLA is tracked as a KPI question with its own threshold. When a KPI or SLA is rated Red, F|S Oversight creates a task and can send an alert.
 
Can KPI answers be reviewed, and is their history kept?

 

Yes. A second-line review can be switched on for each KPI in F|S Oversight, and evidence can be attached to individual questions. Every period's results stay on the party's record. Results can be exported, downloaded as PDF or pulled through the API, and trends over time are built from those exports or the API.
 
Screening, AML and KYC
 
Does F|S Oversight do sanction and adverse media screening?

 

Yes. F|S Oversight screens entities, individuals and assets automatically every day, through API integrations with World-Check, Cleversoft and ComplyAdvantage. Additional integrations are possible.
 
What screening reports does F|S Oversight produce?

 

Detailed screening reports on a daily, weekly, monthly, quarterly or yearly basis.
 
Does F|S Oversight support a risk-based approach to AML and KYC?

 

Yes. F|S Oversight runs automated AML and KYC checks with a customisable risk-based approach, including streamlined risk assessments and monitoring.
 
Database, tasks and documents
 
What can the F|S Oversight database hold?

 

Data on delegates, service providers, funds, assets, clients, investors, directors, PEPs, UBOs and more. The database is customisable, so it can hold any type of party or record.
 
Do we have to use F|S Oversight across the whole organisation?

 

No. F|S Oversight can be used by a single team, by a function or by the whole company. It can be rolled out across the organisation, but that is not required.
 
Can F|S Oversight track internal governance?

 

Yes. F|S Oversight tracks prospects, internal projects, meetings, trainings, regulatory filings, policies, procedures and more.
 
Does F|S Oversight manage tasks, deadlines and workflows?

 

Yes. F|S Oversight uses workflows, tasks, reminders and reports to monitor deadlines and show who is accountable for each task, for internal and external operations.
 
Does F|S Oversight include document management and digital signatures?

 

Yes. F|S Oversight has a document management system and supports digital signatures.
 
What reporting does F|S Oversight include?

 

A report engine, due diligence reports and automated reporting, with Excel imports and exports and full audit trails.
 
DORA
 
Does F|S Oversight support DORA?

 

Yes. F|S Oversight supports DORA, including ICT risk management and third-party oversight.
 
Can F|S Oversight hold a register of ICT third-party providers?

 

Yes. F|S Oversight is a register: its customisable central database holds any type of party, including ICT third-party providers.
 
Can F|S Oversight run due diligence on ICT third-party providers?

 

Yes. F|S Oversight runs initial and ongoing due diligence on ICT third-party providers through the same digital questionnaires, scoring and due diligence reports it uses for any other party. Finsoft can also provide due diligence questionnaires for ICT providers.
 
Can F|S Oversight monitor KPIs and SLAs for ICT third-party providers?

 

Yes. F|S Oversight monitors KPIs and SLAs for ICT third-party providers in the same way as for any other party. KPI forms are issued from a workflow for each period, and an SLA is tracked as a KPI question with its own threshold. Answers are rated Red, Amber or Green against the thresholds set for each question, and ratings roll up to one overall rating per provider per period. When a KPI or SLA is rated Red, F|S Oversight creates a task and can send an alert.
 
Can F|S Oversight record ICT incidents?

 

Yes. ICT incidents can be recorded in an incident register in F|S Oversight.
 
Can F|S Oversight hold contract and exit information for ICT third-party providers?

 

Yes. Contract details and exit information for ICT third-party providers can be held on each provider's record in F|S Oversight, with the related documents stored in its document management system.
 
ESG
 
Does F|S Oversight support ESG data collection?

 

Yes. F|S Oversight covers ESG data collection, monitoring and reporting for sustainability compliance.
 
Can F|S Oversight send ESG questionnaires to delegates and service providers?

 

Yes. F|S Oversight sends ESG questionnaires to delegates and service providers as digital forms, using the same process as its due diligence questionnaires. Finsoft can also provide ESG questionnaires.
 
Can F|S Oversight monitor ESG KPIs over time?

 

Yes. F|S Oversight monitors ESG KPIs through its standard KPI process. ESG KPI forms are issued for each period, answers are rated Red, Amber or Green against the thresholds set for each question, and every period's results stay on the party's record. A Red rating creates a task and can send an alert. Trends over time are built from exports or through the API.
 
What ESG reporting does F|S Oversight produce?

 

F|S Oversight produces ESG reporting from the same report engine and exports as the rest of the platform. ESG questionnaire and KPI results can be exported, downloaded as PDF or pulled through the API. There is no separate ESG report format.
 
Does F|S Oversight cover SFDR?

 

F|S Oversight can collect and store the ESG data behind SFDR work through its digital forms. It does not include SFDR-specific templates or disclosures.
 
Buying and running it
 
Can the modules of F|S Oversight be licensed separately?

 

Yes. The modules of F|S Oversight (Governance, Screening, Productivity and Data Exchange) can be licensed individually, and others can be added later.
 
Where is F|S Oversight hosted?

 

F|S Oversight is usually hosted with a regulated hosting provider. It can also be hosted in-house at the client.
 
How long does it take to implement F|S Oversight?

 

A typical implementation of F|S Oversight takes three to six months.
 
Who uses F|S Oversight?

 

Finsoft works with asset managers, management companies and AIFMs, central administrators, depositaries and custodians, law firms and platforms.