Envision Financial Systems, a software provider for mutual funds, has announced that it is expecting to complete Carnegie Mellon Software Engendering Institute's (SEI) level 4 (quantitatively managed) requirements for Capability Maturity Model Integration (CMMI) by the end of the year. This will make the company the first to reach this high certification level among all transfer agency systems.

CMMI is a business software development evaluation model that SEI, a research and development center sponsored by the U.S. Department of Defense, is promoting worldwide. Should Envision get certified, it will join an elite group of only 18 companies in the U.S. to achieve level 4 certification.

"It has been a collaborative effort, and we feel in this day and age of compliance issues and shareholder concerns, proactively becoming CMMI-certified was the way to go," said Envision's Chief Operating Officer Tom Wiedecker, in a statement.

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