Custodians have a complex product ecosystem when one considers the vast array of available services. From safekeeping of securities to arranging transactions for precious metals and record keeping to settlements globally, it is not surprising to find the fee-based business is an oft-neglected source of revenue for banks with global reach. Pricing and product management is challenging in this complex environment.
As the pivotal piece in the settlement and reconciliation of securities for institutions globally, custodian banks require technology solutions that improve the value they deliver, while allowing for increased profitability. As the central point between other banks and various infrastructures, straight-through processing (STP) is a key variable in the service they deliver and the ability to charge differentially for that service. Given the nearly limitless permutations among various agent banks and transactions that influence STP, understanding the value of service delivery from a product and relationship pricing perspective is key.
miRevenue for Wealth Management: Custody Services
Using miRevenue, a robust Product and Pricing Lifecycle Management (PPLM) platform, custodian banks now have a way to capture revenue that had previously gone unrecognized. With modern, enterprise-grade architecture, miRevenue can work with any payment platform to easily capture and parse SWIFT codes for STP. In this way, miRevenue allows custodians to differentiate their product and pricing levels for a seamless implementation – all with minimized operational risk and significant potential ROI.