Fintech firm Paralel Technologies (Paralel) has gone live with a new full-service platform for registered fund servicing, the first of its type to be launched in more than 20 years.
Paralel is incubated within TIFIN, an AI and innovation-focused wealth platform. It includes two subsidiaries, Paralel Advisors and Paralel Distributors.
The new platform aims to provide an innovative and consolidated approach to fund administration, giving users intelligent data access.
The firm now offers fund administration, fund accounting, transfer agency, distribution and advisory services. Working with open- and closed-end funds and exchange-traded funds, Paralel services more than US $5 billion in assets.
Commenting on the launch, Jeremy May, founder and CEO of Paralel, says: “With TIFIN, we have built the next-generation platform for servicing registered funds, and we are proud to announce that all services are now operational and we are actively onboarding clients.”
Jon Vickery, chief technology officer at Paralel, adds: “Building a genuine state-of-the art data platform without needing to solve for redundant applications, tech debt and inaccessible dark data has allowed us to focus entirely on our clients’ needs. It’s a unique opportunity that can’t be achieved without starting from scratch.”
