SACRAMENTO CA, July 24, 2014 – Innovest today announced the immediate release of InnoPay (previously known as ASIPay) Version 3.4. InnoPay is a highly scalable, fault tolerant, secure payment management system, offered in a SaaS environment as part of Innovest's Payment Solutions.
Innovest's Payment Solutions allow firms to choose the most cost effective method for providing benefit and other payments: completely outsource payment and tax reporting operations, manage them in-house, or any combination in between. InnoPay's advanced technology is coupled with Innovest's secure print and mail capabilities and provides SSAE16 audited controls and procedures, which meet the industry's ever increasing compliance requirements.
With 8,000 baby boomers retiring every day and a full 75% of the wealth management community describing themselves as "somewhat to very unprepared" to make the transition from client wealth accumulation to client wealth distribution, many wealth managers are discovering that automating and streamlining the payments process is becoming mission critical. Specialized payment solutions help to automate a function that is traditionally labor intensive and has become increasingly important for client retention.
"Creating flexible and intuitive tools in the employee benefits marketplace is the key to helping firms grow their business and retain satisfied clients," said Mitch Carlsen, chief information officer of Innovest Payment Solutions, "We are excited to continue streamlining and maximizing efficiency through new releases on the InnoPay platform, and we are confident that our solution can provide value to any organization involved in benefit payments processing."
The platform empowers firms to provide a branded client solution with full featured disbursement and tax reporting services. Self-service increases overall client satisfaction and productivity by providing end-clients with direct access to and management of their disbursement and tax information.Additionally, InnoPay provides configurable workflows for controlling payment updates with peer and management review. Separation of duties and role based user permissions allow firms to mitigate the risk of fraud and unauthorized payments. The intuitive layout is optimized for entering new payments and reducing data entry mistakes.
Innovest is a leading provider of financial technology solutions delivered to forward thinking trust, wealth management, and retirement professionals. Innovest's solutions empower its clients to acquire new customers, invest assets effectively, manage trust and investment portfolios efficiently, and flexibly report results to customers. Innovest has over $425 billion in assets under administration on its trust and wealth management platform, processes more than 4 million payments annually and provides fulfillment services for more than 10 million documents including checks, advices, and tax forms each year. For more information about Innovest, visit www.innovestsystems.com.
For More Information:
Media: Fraylie Nord