Electronic commissions

Automated commission reconciliation adds efficiency, especially for larger firms and particularly those with large volumes of trail or fund-based renewal commission.

Electronic commission statements are currently available from 24 Product Providers and Quay's technology not only does the job of delivering data in a standard format from all 24, it also does the job of matching expectation to receipt. For networks this can add very considerable value, however much of this value is lost if the electronic, fully reconciled commissions data within the Network's own system is then committed back to paper for the purposes of notifying members of their earnings.

Naturally members will want to reconcile their own commissions against their own expectation and also against other earnings such as client fees. To do so, they can receive a Network Commission Cascade, an electronic commission statement rather than a paper statement.

The advantages to the network of delivering commission statements to the membership electronically (where there is a compatible back office system in use) is that the system can do the hard work of reconciling expectation and receipt. Just as with the network's own system.

The benefits are:

• Improved efficiency for the member
  
• The creation of positive state of dependency between the network and network member.