BISYS Unveils IRA Rollover Tool

January 27, 2004 ( - BISYS has released a new platform designed to automate opening Individual Retirement Account (IRA) rollover accounts and facilitate paperless distributions.

Functioning as an electronic interface between BISYS’ recordkeeping platform and various applications used to open brokerage accounts, the Rollover Solutions Network facilitates real-time openings of IRA rollover accounts and electronically processes participant distributions by routing retirement plan account data to retail account opening systems.   The platform also automatically tracks distribution and rollover activity, according to a news release.

The business outsourcing solutions provider said the Rollover Solutions Network will be available through BISYS’ Web site for retirement plan participants.   The platform was developed by technology services provider Wealth Management Systems, Inc.

Wealth Management Systems has been an active player in developing IRA rollover platforms in recent weeks.   Last week it was announced Wealth Management Systems was teaming up with Merrill Lynch to provide the Rollover Solutions Network to participants in Merrill sponsored plans (See Companies Unveil Rollover, Distribution Platform ).  

All of which is even more significant when you consider the relative infancy of Jude Metcalfe tenure as Wealth Management System’s chief executive officer (CEO).   Metcalfe joined the firm in November after serving as Mellon HR Solutions CEO (See Wealth Management Systems, Inc. Appoints Metcalfe as CEO ).

BISYS’ Rollover Solutions Network is expected   to be fully interfaced with BISYS’ recordkeeping platform during the second quarter of 2004, and is systematically being implemented to support its plan sponsor and retirement services clients.