About ISCorp
ISCorp is a privately held provider of software services, targeting the financial services, healthcare and education marketplaces. Located in Milwaukee, Wisconsin, ISCorp has over 20 years experience delivering on demand application services and software as a service (SaaS) to Fortune 500 banking, insurance, mutual fund companies, Medicaid services companies, state/federal agencies and school districts. ISCorp’s On-Demand program includes software, systems, infrastructure, staff, and operations on a pay-as-you-go basis, providing rapidly growing companies with much needed scalability, universal access, and business agility.
About Envision Financial Systems
Founded in 1994, Envision Financial Systems, Inc. is a leading provider of reliable and flexible software solutions to the mutual fund and financial services industry. Using in-depth knowledge of the industry and listening to its customers, Envision provides its clients with real-time access to data that optimizes productivity, increases customer satisfaction, and enables emerging business needs. Envision’s headquarters are in Irvine, California, with offices in Owings Mills, Maryland and Bangalore, India.
About Celera Systems LLC
Celera Systems is a software development company serving the financial services industry. Celera's products and services are designed to provide immediate competitive advantage through increased sales and enhanced business performance. Celera's headquarters are in Mequon, Wisconsin with offices in Novato, California and Huntersville, North Carolina.
The Challenge: Deliver an on-demand solution for compliance.
With an impending SEC mandate in the United States, Envision Financial Systems needed to quickly rollout a solution to several clients in the mutual fund arena that would allow them to comply with SEC rule 22C-2. The new mandate seeks to curtail short-term trading, including abusive market timing activity. Envision partnered with ISCorp and Celera Systems to meet this need.
For its role in the partnership, ISCorp needed to deploy complex technology to support a complex application for multiple customers in an on-demand fashion, to meet the SEC’s October 16th, 2007 deadline.
With their On-Demand service, ISCorp needed to quickly deploy new software services with no downtime and limited time for application development. Security and access had to be addressed, and application maintenance was an ongoing challenge. The multi-tenant hosting solutions offered by ISCorp needed built-in scalability, and had to be customizable to meet the needs of a wide variety of customers. ISCorp needed a platform that would address the needs of the growing market for their On-Demand software services, while meeting their own operational requirements.
The Envision product also needed to allow clients the ability to customize business processes to meet their individual requirements. It also needed to provide customers with the ability to track the status and resolution for each potential violation and access transactions and data from a variety of sources through a secure web environment.
Envision and its partners, ISCorp and Celera Systems, knew that a business process management solution would deliver the functionality that they needed, and would differentiate the solution from other competitive products. The partners considered a home-grown workflow solution as well as an open-source BPM option. However, like many companies, the partners needed a fast implementation of the new services with limited IT resources. The product needed a BPM solution that was architected to support a SaaS delivery model; thereby reducing the typical application startup costs of traditional deployments.
Fujitsu Interstage and Clarity Compliance: A partnership that delivers.
In May of 2007, the Fujitsu Interstage Business Process Manager was chosen as the foundation for the Clarity Compliance SaaS solution; an offering developed by Envision Financial Systems and its partners ISCorp and Celera Systems LLC. Interstage Business Process Manager was chosen for its SaaS-enabling architecture, strong exception management capabilities, competitive hosted pricing, and advanced human workflow elements.
The Interstage-enabled Clarity Compliance solution can now provide advanced differentiated BPM capabilities that give the company a competitive edge. This on-demand solution lets users easily define case workflows, route tasks, and append notes and actions. Compliance analysts can now review open cases and the case history, and get easy access to closed cases. All data is accessed through a secure web environment, where compliance analysts receive transaction and data files from multiple sources, and define and apply business rules for trade surveillance and data analytics. Once a violation is detected, Clarity can now create a case-related process to manage violations, generate reports and continuously adapt to business and regulatory changes.
The Results: Fast deployment of new on-demand services.
With Interstage Business Process Manager, Envision, ISCorp and Celera Systems were able to deploy the Clarity Compliance solution in a SaaS model to six mutual fund companies within just 30 days. “Interstage Business Process Manager enables Clarity Compliance to stand out versus our competition. We can do things that other 22C-2 compliance applications just can’t do,” says Scott Rodenhuis, CTO, ISCorp.
The SaaS approach provides users of the Clarity Compliance solution with the ability to grow and adapt to market conditions at a predictable monthly cost. The SaaS pay-as-you-go model eliminates the need for its users to make a major initial investment in the Clarity Compliance solution. In turn, the solution gained an immediate return on investment (ROI), as the solution was quickly deployed to multiple clients.
Clarity customers receive a complete audit trail of each violation found and who resolved it. These efficiencies have freed up resources, and allowed Clarity employees to focus on more value-added tasks, such as addressing specific customer issues.
