TMCnet News
Commission Management Castine LLC Introduces Virtual Aggregation PlatformCastine announces the release of its new module to the C3 (News - Alert) commission management suite. The new Castine Virtual module adds virtual aggregation capabilities that have been requested by many in the broker community looking to replace unsatisfactory alternatives that do not meet the needs of the market or are too expensive for what they deliver. While the existing C3 platform allows brokers to offer direct one-on-one aggregation services to their commission management clients, Castine Virtual is a portal where a broker's buy-side clients can go to see their balances across all their brokers. This makes it easier for clients to work with multiple brokers as they can see their individual CSA balance with each broker and decide which broker is best posiioned to pay an eligible CSA payment request. Clients can interact with their brokers through the broker's own portal or through Castine Virtual as they prefer. Balances are updated automatically between the different systems. "This is a natural evolution of our leadership in the industry over the past 20 years and brings simplicity, increased capabilities, and lower costs to this side of the CSA aggregation world," states Robin Hodgkins, Castine's President. Brokers who are not currently using the C3 Commander module for their direct aggregation offering to their clients can still participate in Castine Virtual to manage their balances with their clients and receive and process payment requests on behalf of their clients. This is a complimentary service for asset managers and hedge funds. Costs to brokers are significantly lower than those of the existing offerings in the marketplace and Castine does not charge any transactional fees for its service. "By positioning this as a complimentary service to asset managers and a lower priced service to brokers, we are providing value to both sides and helping the efficiency of the entire process," says Tom Smith (News - Alert), Castine's VP of Sales. About Castine Castine Consulting LLC, (formerly Cogent Consulting), provides commission management, RPA, compensation and performance reporting, and compliance systems to the financial services community. Castine works with over 250 asset managers and dozens of brokers handling their commission management needs worldwide. Castine operates in the USA, Argentina, and England.
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