Pavel Prass The future of accounting infrastructure - Plug&Play platform system
The development of modern infrastructure organizations in the future will lead to the creation of integrated Plug&Play platforms with client-friendly interfaces, APIs, SaaS and BaaS. It was stated by Pavel Prass, General Director of INFINITUM Asset Services, in his report at the conference "Securities Market Infrastructure and DFA 2021" held by PARTAD and NFA in Suzdal on July 8-11, 2021.
In his view, advanced specialized depositories are already on the road to transformation, providing outsourcing services and taking up fund administrator functionality. But before long they will be ready to reach a fundamentally different technological level of platform services.
"Even though it appears that the specialized depository now performs all the same functions as before (coordination of payments, registration, NAV calculation), their substance has radically changed - qualitatively and quantitatively", P. Prass noted. Changes in customer business require automation and digitalization of business processes to handle the constantly increasing number of complex transactions. Even the "familiar" AML/CFT activities nowadays require that the infrastructure features a sophisticated software system. But this is not only a burden, but also an opportunity, because market demands stimulate the development of modern information and analytical services (for stress testing, control over fiduciary transactions, portfolio analytics and management reporting), promote the development of technological services for the identification of individuals and entities and the distribution of financial products.
P. Prass concluded his presentation by referring to the concept of Huggital invented by INFINITUM: Human + Hygge + Digital. It was born when the organization was transitioning to a hybrid office model. In such work organization, INFINITUM employees saw many opportunities to make their lives more harmonious: having more time for the family, saving precious time for the office commute, a better balance of personal and work-related life aspects. When designing client services, INFINITUM also strives to focus on Huggital: the rational use of digital technology and smart combination of human and technological competencies.
Focusing on the future, forecasting and staying ahead of the curve do not preclude a sober assessment and skillful management of risks here and now. The high level of professional competence of INFINITUM managers and specialists combined with the firmly established risk management system allowed the company to receive the well-deserved PARTAD award "For Risk Management in 2020".