Sterne Agee agreed to deploy Xtiva's sales compensation and billing solutions for their retail and institutional brokerage and correspondent clearing business units.
New York (PRWEB) April 25, 2008 -- Xtiva Financial Systems, a leading provider of enterprise solutions for the brokerage industry today announced that Sterne Agee of Birmingham, Alabama has signed a multi-year, enterprise-wide agreement with Xtiva Financial Systems.
"We selected Xtiva based on their ability to handle the requirements from all our business units. Our retail, institutional and clearing operations will be able to eliminate our legacy databases and replace them with a streamlined, flexible, web-based solution that will enable us to both lower our costs and increase our broker and correspondent satisfaction levels," said Jim Holbrook, CEO of Sterne Agee.
"We are confident that offering Xtiva's solutions to our correspondents will provide us with an edge in a highly competitive market," said Dennis Ferguson, President of Sterne Agee Clearing, Inc. "An alliance with Xtiva provides our correspondents with a leading-edge commission solution at preferred prices and enables us to focus on our core operations and trading services."
The Xtiva suite will provide Sterne Agee with a single data warehouse where all transactions for brokers, customers and correspondents are contained. Leveraging that data repository with a state-of-the-art business rules engine and web-based front-end reporting technology, Xtiva's product suite will enable Sterne Agee to eliminate the various manual processes across all their business lines and replace them with a proven solution.
"This agreement shows the marketplace that our strategy of straight-through reporting is a winning one. We are able to provide Sterne Agee with an enterprise solution that supports all their business units in one service offering," said Thomas Moysak, Executive Vice President at Xtiva. "We are thrilled to have Sterne Agee as a client and look forward to getting them up and running later this year."
The Xtiva suite provides full support for commission and compensation planning, correspondent billing, back-office operations and reporting. Key benefits of the Xtiva suite include:
- Consolidation - clients gain command of all key business data in one accessible and extensible data mart;
- Flexibility - Easy modeling of unlimited payout, fee, and bonus structures to support the evolving business needs of a brokerage firm;
- Efficiency - Streamlined back-office processing and automation of processing for all types of data feeds
- Business visibility - Enterprise production reporting, including management-level reporting, agent/rep, branch, account, products, etc.
About Xtiva Financial Systems
Xtiva Financial Systems is a leading provider of Software as a Service (SaaS) solutions for the brokerage industry. Founded in 1998 and based in New York City, Xtiva has developed state-of-the-art technologies that enable retail and institutional broker/ dealers to streamline operations, from sales compensation and production reporting to supervision of rep licensing and compliance issues. With over 100 clients and key industry alliances, Xtiva is the leading provider of sales compensation solutions to the brokerage industry.
Xtiva's clients include AXA Advisors, H&R Block Financial Advisors, Key Bank, Met Life, Mutual of Omaha Investor Services, New England Securities, RBC Wealth Management, Northern Trust, UBS, and Walnut Street Securities. For more information about Xtiva, visit Xtiva Financial Systems.
About Sterne Agee
Founded in 1901, Sterne Agee is one of the oldest and largest privately owned brokerage firms in the country. A member of the New York Stock Exchange, Sterne Agee has headquarters in Birmingham, Alabama and offices in 22 states.
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