NEW YORK, October 13, 2020 (Newswire.com) - Silver Cost Basis, a division of the Silver Management Group of Companies, today announced numerous enhancements to its best-in-class cost basis platform. The improvements further reduce total cost of ownership and enhance client experience for cost basis processing and tax reporting.
“Over the years, Silver has continually worked to reduce operating costs for our cost basis clients with unique features such as virtual wash sales, zero-break corporate actions, and condensed tax reporting,” says Neal Ruskin, Managing Partner in charge of product development. “Under the covers, we’ve also developed an ultra-scalable processing engine that delivers accurate cost basis calculations on time, every day. Additionally, our fully integrated wash sale traceability and ‘show your work’ Basis Clarity reports improve call center efficiency.”
While Silver’s solutions already delivered demonstrably lower operating costs, faster processing times, and accurate basis adjustments processing, the Silver team continued its commitment to innovation in 2020. This year, Silver enhanced its fully automated corporate action processing with configurable review triggers for complex events, detailed fixed income amortization and accretion statements, additional default disposal methods with fine-grained cost and term evaluation routines, and a comprehensive modern API for real-time access to cost basis data. These latest features further reduce operating costs, improve system performance, and enhance the end-customer experience.
"We were already processing tens of millions of accounts every day pretty quickly, so I was pleasantly surprised when batch times improved by a third after adding intelligent ‘change centered’ transaction processing capabilities,” says Chris Bocciolatt, Director of Cost Basis Product Management. “Improved system performance was only the beginning. We refactored and enhanced our integrated CBRS, manual statements, and inheritance step-up processing modules with automated lot adjustments and fully transparent, easy-to-use tracking and workflow tools. We continue to add and improve reports and tools across the board. I am particularly proud of our graphical Basis Clarity report that displays the entire life of a lot from acquisition to disposal, and everything in between, on an intuitive ‘subway map’ view.”
ABOUT SILVER MANAGEMENT GROUP of COMPANIES
Founded in 1991, Silver Management Group of Companies is a leading provider of business and technology solutions for the investment services industry. The Silver team applies decades of securities industry and software development experience, along with a passion for solving real-world problems, to deliver cost-effective brokerage operations and wealth management solutions for our clients. Silver's strategic partners provide complementary services, software, and market data to enhance Silver solutions. Silver's proprietary software solutions are currently used by some of the world's most respected financial institutions to accurately and securely process tens of millions of investment accounts and trillions in assets. For more information, please call (800) 319-6865 or visit silvermanagement.com.
Source: Silver Management Group of Companies