Transamerica Selects Princeton Financial Systems’ PAM for UVT to Enhance Efficiency of Variable Annuity Accounting
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PAM for UVT, used by several of the leading insurance and annuity providers throughout the U.S. and
With over 100 annuity products, Transamerica's needs are highly complex and demanding, requiring the ability to calculate up to 22,000 unit values on a nightly basis utilizing roughly 600 NAV prices and distributions from nearly 60 different fund managers. UVT will provide Transamerica with updated business technology and business rule functionality.
PAM for UVT provides Transamerica with the ability to automate processes that are currently handled manually while enhancing compliance and data security. Highlights of PAM for UVT include:
- Improved Accuracy & Efficiency – PAM for UVT allows users to obtain NAV prices directly from the NSCC in a fully automated fashion. This allows the client to accept one feed from the NSCC rather than receive hard copies, completely eliminating manual entry which remains standard procedure throughout much of the industry.
- Automated Pricing Corrections – PAM for UVT has fully automated corrections processing that will roll back in time (if needed), recalculate all product funds associated with the change, repopulate all administration systems and provide a full audit trail of the impact of the correction.
- Automated Reconciliation – PAM for UVT reviews any out of balance assets or liabilities and automatically trues them up with a recon trade that allows the user to account for this trade as an "out of balance" adjustment while allowing them to decide modally when this function is processed.
- Integrated Security and Audit Trails – PAM for UVT has complete security around all functions within the system and can optionally be tied directly to the client's network ID. An audit trail documents all functions and processes in the system by user, date, time and function performed.
"With over
"Transamerica has been a leader in the industry because of their culture of innovation and emphasis on efficient operations," said
About
About
Our PAM family of systems are leading international investment accounting solutions that support the accounting needs of +370 clients around the globe. Seven of the world's largest global custodians monitor investment compliance with MIG21 powered by its LawCards suite of rule libraries for global compliance.
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