LOYAL3 Selects Scivantage Maxit® for Cost Basis Reporting

Mon Jun 10, 2013 9:00am EDT

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LOYAL3 Selects Scivantage Maxit® for Cost Basis Reporting

Maxit helps LOYAL3 meet IRS regulatory reporting requirements

Scivantage®, an independent financial technology provider with proven expertise in online brokerage, tax and portfolio reporting and wealth management applications, announced today that LOYAL3 has selected Scivantage Maxit® for cost basis reporting. LOYAL3 offers a technology platform that enables individual investors to buy stock in their favorite companies on Facebook or the web easily, in affordable amounts and with no fees to buy or sell stock.

In order to comply with the IRS cost basis reporting regulations, LOYAL3 selected Maxit for its flexible front-end platform, subject-matter expertise, vendor-agnostic technology and speedy implementation time. Scivantage was able to integrate the Maxit cost basis extract module with LOYAL3’s form 1099 provider to ensure that all 2012 1099s were accurate and completed for investors well in advance of the April deadline. Working with Scivantage, LOYAL3 was able to ensure all cost basis data was accurate and easily accessible in order to respond to any inbound questions or requests from clients.

“As a start-up, we were looking for a partner who was well-known in the cost basis reporting space and mirrored our focus on innovation and technology,” said Katrina Peck, Senior Director of Brokerage Operations at LOYAL3. “Working with the Scivantage team we were able to generate our 1099s early, while easily fielding investor calls. Having a customized solution like Maxit allowed us real-time access to cost basis data which enabled us to improve our client experience and focus on growing the business.”

“Successfully navigating the complex nature of the cost basis reporting regulations requires superior cost basis processing, multi-system integration and back office understanding, as well as resources for updates and enhancements,” said Job Dennison, Vice President, Investment Reporting at Scivantage. “This can add significant overhead to a firm. Maxit allows financial firms to focus on their core business by taking on the heavy data lifting and ensuring compliance through accurate reporting. LOYAL3 is an innovative company that makes stock trading accessible to retail investors through social media channels, and we look forward to working with them as they continue to grow.”

Scivantage Maxit is the only fully automated, real-time solution that provides accurate, adjusted cost basis reporting through a highly configurable platform. Maxit enables broker-dealers, mutual funds, custodians and prime brokers to streamline tax and portfolio reporting and deliver a superior client experience, while reducing operational costs and meeting regulatory requirements.

About LOYAL3

LOYAL3 offers a highly scalable social technology platform for a whole new class of individual investors. By making stock ownership easy and affordable, LOYAL3 is dedicated to opening up market access to tens of millions of people.

Our principle is “fee-free investing” and our technology processes fractional shares at scale. We generate revenue from companies by helping them raise capital, attract low-cost individual shareholders, and create a deeper level of brand engagement.

LOYAL3’s core product enables people to buy stock in their favorite companies in just 3 steps through Facebook or the web, as easily as buying a product online. People can invest as little as $10 and they pay no fees to buy or sell stock.

The company also offers an IPO product, called a Social IPO, that opens up IPO access to everyday people on a first-come, first-serve basis, making IPO stock available at the same price, and at the same time, as institutions.

With its newest product, called Stock Rewards™, LOYAL3 enables companies to use their stock for brand-positive promotions, increasing acquisition, engagement and loyalty.

About Scivantage

Scivantage is an independent financial technology provider with proven expertise in online brokerage, tax and portfolio reporting, and wealth management applications that automate and integrate key business practices for broker-dealers, mutual funds, custodians and prime brokers. From trade order processing and account management to comprehensive cost basis reporting and automated account opening, maintenance and funding, Scivantage’s back-office independent solutions enable financial institutions and financial professionals to dramatically reduce operational costs, strengthen customer relationships and improve productivity. For more information, please visit www.scivantage.com or contact us at +1.866.724.8268.

Enabling Financial Transactions. Automate. Connect. Transact.

Press:
Scivantage
Staci Moore
Director, Marketing Communications
646-867-0380
staci.moore@scivantage.com
or
Cognito
Oksana Poltavets
646-395-6300
scivantage@cognitomedia.com