The automation of processes in the business ecosystem is becoming increasingly rapid and widespread; in this context, the management of public and private investment funds, and accounting procedures, are areas that have digitalized at a slower pace due to the complexity and inaccuracy of the financial market. An alliance between RiskAmerica, a leading organization in financial information and engineering, and Addval, a comprehensive advisory and consultancy firm, aims to accelerate this transformation through Backbone.
As its name suggests, Backbone is software developed to be the backbone of an investment fund manager, as it allows for the native integration of updated market information—such as instruments and valuations—and the automatic generation of tasks in the accounting, treasury, and regulatory reporting areas that must be submitted to the Internal Revenue Service (SII).
“Most of the daily processes for managing investment funds can be automated, saving time and enhancing process robustness to avoid errors,” explains Ignacio Badilla, General Manager of Risk America. “This results in significant efficiencies in time and associated costs, translating into lower operating costs and/or increased capacity to manage a greater number of funds or more complex funds,” he added.
Some of the benefits mentioned by the experts relate, for example, to productivity, as funds can be closed, and share values calculated more quickly, finishing the day earlier. At the same time, delegating to a third party specialized in the financial area provides the security of staying up-to-date with market fluctuations and saving costs by dispensing with an IT infrastructure to host the software internally.
Similarly, monthly or annual processes, such as the automatic generation of regulatory reports or sworn declarations for the SII, which require specific data organization, can be automatically generated as needed.
“Having software as a service (or software-as-a-service) significantly reduces the workload for companies, freeing up resources that can be better utilized for other business tasks. Backbone has a state-of-the-art graphical interface and architecture, making it a fast, scalable program with much higher performance than currently available market alternatives,” adds Guillermo Ureta, Partner at Addval.
