InvestCloud joins City of Boston for family savings program

InvestCloud joins City of Boston for family savings program
24.02.2017 12:45 pm

InvestCloud joins City of Boston for family savings program

Wealth Management

InvestCloud Inc., a global FinTech firm, has partnered on a new program with the City of Boston and Boston Mayor Martin J. Walsh to let families to create long-term savings plans for their children’s education. This partnership serves as another proof of the growing need for wealth management services. 

Boston Saves, the City’s Children’s Savings Account (CSA) program, allows families to create long-term, goal-based savings plans for college, post-secondary and training education for their children. The program is being run using the InvestCloud digital platform, which allows participating families to easily and quickly access and review their savings plans online.

"One of the best ways to close the opportunity gap facing some of our young children is to help them save for their educational future," said Mayor Walsh. "Children's Savings Accounts are a tool that every family should have access to, and with InvestCloud’s financial technology support, we’re making that a reality. Even a small amount over time can make a big difference, and I am excited for our students and families who will have this new resource to begin saving now for the future."

Through the digital platform, families will be able to track their progress, earn rewards and benefit from financial savings tips. Linking their savings and checking accounts directly to the platform will make it easy to transfer funds and gain a more holistic view of their investments.

John Wise, co-founder and CEO of InvestCloud, said, “Our program with the City of Boston demonstrates the flexibility of the InvestCloud digital platform. It supports the full spectrum of wealth management, from the complex needs of family offices and high-net-worth investors, right through to the needs of normal families. While they might not consider themselves ‘wealthy,’ they can still benefit from our platform to help them achieve their lifetime goals and family plans.

“With a greater number of people thinking about how to organize and build their savings, the notion of wealth management is changing fast. But to effectively engage with these new demographics, a simple and intuitive solution is required that can handle massive scale efficiently. The InvestCloud approach ensures all types of wealth and savings can be supported through the platform.”

The InvestCloud digital platform utilizes Programs Writing Programs (PWP), a proprietary technology that generates code instead of programmers writing code. This automation allows one business analyst or designer to do the work of 50 developers and ensures updates and upgrades are dramatically simplified – negating the long lead times associated with hard-coded software solutions. It is because of this technological approach that InvestCloud’s solutions could be easily and rapidly adapted to the unique use case of Boston Saves.

The platform is also capable of processing millions of pieces of data and content – from market news to portfolio data – through its digital warehouse. This provides a complete picture of an individual’s wealth, ensures both clients and advisors are able to get a complete picture of wealth, and allows for more effective, more profitable management.

Related News

WealthTech startup InvestSuite raises €2 million

InvestSuite announces that it has raised a seed extension round led by PMV with participation from existing and new business angels, management and employees. This €2 million... Read more »

“2020 5th Global Asset Allocation Focus” will be held in Shanghai in June

Global Asset Allocation Focus 2020 (hereinafter referred as GAAF2020), founded in 2016. With a four-year proven-track record, GAAF2020 will invite more than 500 participants... Read more »

Finantix named as a Strong Performer in Digital Wealth Management Platforms Q1 2020 Evaluation

Finantix, the leading global provider of trusted technology to the wealth management, insurance and banking industries,... Read more »

Aire opens up insight service to help lenders keep pace with financial uncertainty

Aire, the credit insight service, today announced that it is offering free access to its range of real-time credit information... Read more »

Finantix reveals findings of second part of ongoing market research on the future of wealth management

Finantix, the leading global provider of trusted technology to the wealth management, insurance and banking industries,... Read more »

BITA Risk wins Best Compliance Solution at Family Wealth Report Award in New York

BITA Risk part of corfinancial, a leading provider of specialist software and services to the financial services sector, announces today that it has triumphed at the Seventh... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel