UMB Financial Corp. is installing Advantage Fee software from Fiserv Inc. to streamline billing activities in its investment management units, Fiserv plans to announce today.
"We are pleased to provide customers with more clear, concise and accurate invoices," Peter deSilva, UMB's president and chief operating officer, said in Fiserv's press release. "UMB selected Advantage Fee for its ease of use and ability to offer scalability with our expanding operations."
UMB, of Kansas City, Mo., operates a variety of mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance and a registered investment adviser that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers.
Paul Thomas, the managing director of international operations at the Fiserv Investment Services unit of the Brookfield, Wis., financial technology vendor, said UMB is in midimplementation with a target date to go live by the end of the year.
UMB operates 136 banking centers in seven states, but all the fee-billing functions are to be "delivered in a central hub and consolidated in Kansas City," Thomas said in an interview Friday.
The software is to replace a number of manual processes and third-party billing systems to manage its complex fee-billing operations, he said.