The implementation of the new tool will enable the firm to create a better financial future for its clients by automating unit value pricing and share trading using the best UVT solution in the industry, claims Transamerica.
According to Princeton Financial, PAM for UVT caters fully automated pricing and trading, product and fund-level expense charges, NSCC connectivity, tax schedule reporting, SEC performance reporting, accounting and corrections processing.
Having over 100 annuity products, Transamerica requires the ability to calculate up to 22,000 unit values utilizing about 600 NAV prices and distributions from nearly 60 different fund managers.
The new offering will assist Transamerica to automate processes, which is currently done manually, while enhancing compliance and data security.
Using PAM for UVT, consumers can get NAV prices directly from the NSCC in a fully automated way, thus leveraging the clients to accept one feed from the NSCC rather than receive hard copies, eliminating manual entry.
The system is also equipped with fully automated corrections processing which will roll back in time and recalculate all product funds associated with the change.
All the functions within the system are fully secure and can optionally be used directly to the client’s network ID, said the firm.
