Close to the customer - fund administration solution DIAMOS-F with new release

Sulzbach, 06/21/18 00:00 Age: 2 Jahre

"Most of our customers are dealing with many business partners on a daily basis. For example, there is hardly an investment fund that does not work together with several custodians. This places high demands on the wide range of variants for software configuration and flexibility, with simultaneous maximum support in terms of automation capability. With the new release 1.24, we have implemented many themes that will lead to efficiency gains for our customers in this respect. And, this is irrespective of whether they are small or large DIAMOS-F installations," emphasises Ralf Gutensohn, Manager Product Design/Product Owner DIAMOS-F when highlighting the use of innovations for the fund administration solution DIAMOS-F.

As an example, he cites the comprehensive overhaul of the withholding tax module of DIAMOS-F. Since many custodians have different processes when it comes to withholding tax, e.g. concerning repayment claims or exemptions, high demands are placed on the automated process, such as for income processing for example.

This has been taken into account by introducing new configuration levels. The custodian itself is now able to maintain as a basis the different withholding tax rates per tax category, country and asset type. As an option, this can even be overridden as per fund. In the context of accounting rules, the correct tax rates will be determined fully automatically and booking will take place within the fund. Even if a prior exemption has been configured, or a minimum refund level is given in a different currency to the fund or income currency, processing will still be fully automatic.

At the beginning of 2018 the investment tax reform was introduced, which was already implemented for all customers in DIAMOS-F's early summer release 2017. The current 1.24 release implements the so-called flat-rate compensation, which will come into effect for the first time from 2019 as a replacement for the existing earnings retention taxation. Here too, great importance was attached to automated processing - from the transfer of WM data to the accounting treatment of flat-rates for target funds and the seamless logging of processes.

In addition, many further functionalities have been implemented, such as e.g. checks for value-dated bank balances concerning investment limits, as well as manifold enhancements to the standard reports. The FundsXML interface was upgraded to version 4.1.1 and its content expanded. It now also offers support for real estate funds. The possibilities for the transfer of configurations between DIAMOS-F installations was substantially expanded, so that among other things, it is now possible to transfer entire legal regulation packages for investment compliance to another environment with "one klick".

The new release incorporates user feedback as much as the experience of our support division, suggestions from developers, and last but not least from product management. "We are continuously refining our products to support our customers with the perfect fit for current challenges", emphasises Domingo Santos Marañón, Managing Director Product Management at DIAMOS AG. He adds that " with DIAMOS-F release 1.24 we have consistently pursued this aspiration."

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