OnPay, an innovative cloud-based revenue management platform, has been launched to help Australian licensees and advisers take control of their fee and commission data in the new world of increased disclosure requirements.
Developed by the same team behind AdviserLogic software, which has over 50 years combined experience in financial services and technology solutions, OnPay was built from the ground up and has the ability to customize the needs of both large and boutique Australian Financial Services Licensee (AFSL) business structures.
OnPay product manager, Gundeep Sidhu said the resulting system is flexible, transparent and intuitive and can grow and adapt to changing business needs.
“We believe OnPay takes revenue management to new heights,” Mr Sidhu said. “The increasing burden on licensees and advisers in terms of fee disclosure requirements and potential new regulatory requirements, means OnPay will become increasingly more important to the sustainability of licensee and advice businesses.”
OnPay enables licensees and brokers to quickly and efficiently process fee and revenue data, generate informative reports and metrics and distribute income regularly. It allows licensees and brokers to consolidate fee data from dozens of sources.
“With requirements looming around continuous disclosure fees and revenue, we believe having cloud-based, easy-to-use and reliable software to manage payouts will become essential,” Mr Sidhu said.
OnPay collects information from insurers, managed funds, platforms and loan products, and systemises the process of determining where fees are to be paid to enable all parties to navigate it at the one location and ensure accuracy of data.
“The task of revenue management is an administrative requirement but it is also about generating continuous business analytics. Efficiency, specifically around uploading and extracting data, is therefore at the heart of the system.”
Phaedra Hackles has been promoted to manage the distribution of OnPay. Ms Hackles has been with AdviserLogic for more than six years and formerly headed up sales at AMEE Group, where she was responsible for the Easy Dealer/EasyRevenue product.
