This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.
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1. THE BEGINNING
This innovation initially came to life when…
Revex came to life as a result of two financial service executives wanting to make the processing of revenue simpler, easier to process, simpler to reconcile and to utilise the one data source to deliver multiple access to over six different role types with over five different channels utilising one source of data. The application was developed from scratch and self-funded by the founders. The system was developed to address the large amounts of data available and the various formats requiring input. The system now imports over one million lines into the system per month and provides real-time access.
2. WHAT & HOW
The purpose of this innovation is to…
Our purpose of the innovation is the conversion of large amounts of revenue data in the financial services area to create a meaningful report for each user within the chain of reporting.
It does this by…
Utilising data import tools and in-house rules-based import for reconciliation to actual cash flow, the system is able to assist with automatic reconciliation, export of data to reporting, and importing various formatted data feeds from banks, fund managers, insurance companies and providing export reports to generate payments, generate end-user client invoices and management reporting.
3. PURPOSE & BENEFITS
This innovation improves on what came before because…
The innovation improves on the interrelationship of data. Previously used with Excel and Access and using manual input, the creation of an interrelational database allows access to reports and analysis of data to scan and monitor for integrity purposes but also enables historic data to be readily accessible.
Its various benefits to the customer/end-user include…
The benefits include: reduced manual input, elimination of spreadsheets and data manipulations, easy access reporting, significant cost reduction in processing manual vs. auto process, use of cloud hosting to reduce costs, storage costs reduced.
4. COMPETITIVE LANDSCAPE
In the past, this problem was solved by…
…using Excel spreadsheets or Access database. Hard copy reports were generated from a central area and sent via email to the use to forward. Now the end user can generate the reports by just accessing the Internet and preparing reports and distributing.
Its predecessors/competitors include…
Competitors include CommPay, EasyDealer, DMS, Olicc
5. TARGET MARKET
It is made for…
The target market for our software solution are securities dealers, financial planners, accountants, mortgage brokers.
It is available for sale through…
Our sales channel is through direct sales to Revex.
Our marketing strategy is to…
Marketing strategy is twofold, introduce and present at conferences for an industry-specific audience. Our marketing includes press releases, online webex demonstration, tailored presentations. Creating an awareness and solving solutions by providing Revex as the tool but explaining how to use that will make your business better is a key area that we focus on in marketing.
FINE PRINT: This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.
