In today's complex distribution environment, mutual funds have fee arrangements with hundreds of third-parties that vary by product, platform and services provided. Complicating matters further is the continued adoption of omnibus accounts at brokerages, obscuring the underlying client and sales data.

Today, mutual fund companies' back offices, as well as their distribution partners, largely process intermediary payments manually using numerous spreadsheets and documents, which is both time consuming and error-prone.

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