Access Data Corp Launches Mutual Funds Transaction Data Exchange

Access Data ExchangeSM Provides Straight Through Processing of Mutual Fund Sub-Account Transaction Data to Help Mutual Fund Companies and Financial Intermediaries Meet SEC Rule 22c-2 Requirements

Pittsburgh, PA (PRWEB) May 8, 2006 -- Access Data Corp., the leading provider of omnibus account transparency solutions for the mutual fund industry, announced today that it has launched a proprietary shareholder transaction data exchange network, Access Data ExchangeSM (AccessDXSM), to provide straight through processing of detailed shareholder data among mutual fund companies and financial intermediaries. AccessDX (www.accessdx.com) relieves mutual fund companies and financial intermediaries from developing custom data feeds for each trading partner and accelerates the industry’s ability to comply with the requirements of SEC Rule 22c-2.

“With 500 mutual fund companies distributing over 8,000 mutual funds through 6,500 financial intermediaries, representing over 400 million accounts, the challenge to mutual fund companies and intermediaries to share data held in disparate formats is daunting,” said Daniel Cwenar, president and chief operating officer of Access Data Corp. “AccessDX solves the problem by providing normalized data from all platforms through one secure conduit which is accessible to all participants on a customized basis.”

The need for detailed shareholder data has become an important ingredient for meeting the new SEC Rule 22c-2, related to monitoring shareholder trading patterns in order to detect market timers. The Rule, which went into effect in March of 2005, has a compliance date of October 16, 2006. Rule 22c-2 requires financial intermediaries to provide mutual fund companies access to shareholder identification and transaction information upon request.

In anticipation of this new requirement, intermediaries and mutual fund companies are making plans to pass detailed shareholder data via the industry utility operated by the DTCC/NSCC, or via private data networks. “The clear advantage of AccessDX is that it aggregates data from all sources –industry sources like the DTCC/NSCC as well as the private intermediary networks. Private intermediary networks, such as data portals for investment advisors, record-keeping systems and trading platforms for retirement plans, and sub-accounting (Pr3) platforms for Broker/Dealers, only handle slices of the market. AccessDX can deliver it all,” said Frank Polefrone, senior vice president of product development.

In addition, utilizing Access Data’s proven process for rapid data interface development, combined with proprietary data workflow technology, AccessDX connects a broad network of intermediary sub-account platforms to its Access Data SalesVision® suite of applications. SalesVision is Access Data’s enterprise shareholder solution used by mutual fund companies, representing more than $750 billion of mutual fund assets under management, to analyze, track and report integrated shareholder data to Fund Boards, corporate management, and business users across the organization. The SalesVision suite of business applications includes Shareholder Compliance (22c-2), Sales Reporting, Compensation tracking for internal wholesalers and external distributors, CRM data synchronization, and Business Intelligence tools.

About Access Data
Access Data Corp. is the leading provider of omnibus transparency solutions for the mutual fund industry. Access Data SalesVision® is a web-delivered, on-demand application which solves the omnibus sub-account transparency issue for mutual fund companies, allowing them to protect, control and grow their businesses. Access Data ExchangeSM provides straight through processing of mutual fund sub-account transaction data to help mutual fund companies and financial intermediaries meet SEC Rule 22c-2 requirements. Access Data Professional Services has enabled the world’s leading financial services companies to re-engineer business processes, launch new technologies, and create powerful management tools more efficiently, delivering increased profits, reduced costs and strengthened customer relationships. Access Enterprise Solutions provides expertise to cost-effectively support, upgrade and implement ERP solutions. Access Managed Services manages software, hardware and networks in its secure data center to host client applications, reduce costs and provide back-up and recovery services. To learn more, visit www.accessdc.com or call 1-888-799-1744.

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