PureFacts to help power BNY Mellon Pershing X’s wealth management platform Wove for advisors

PureFacts’ fee and billing calculation engine to be integrated into existing wealth platform

TORONTO, June 08, 2023 (GLOBE NEWSWIRE) — PureFacts Financial Solutions, a leader in revenue management solutions for the investment management industry, today announced that its fee and billing calculation engine will be added to the Wove wealth management platform of Pershing X, a technology provider and new business unit of BNY Mellon.

With the addition of PureFacts, wealth management firms using the Pershing X platform will be able to better account for every dollar of value, with less overhead and more automated, accurate, and repeatable workflows.

“The time is right for PureFacts to be collaborating with the team at Pershing X,” said Robert Madej, Founder and CEO of PureFacts Financial Solutions. “The digital transformation underway in wealth management is happening swiftly and during a time when the global financial landscape has undergone many profound changes itself.”

“The combined power of PureFacts and BNY Mellon Pershing X’s new digital wealth platform, Wove, will help ensure wealth management firms have access to the best solutions—like the daily fee reporting and advanced analytics PureFacts provides—through one interconnected experience,” said Noam Tasch, Head of Revenue, BNY Mellon’s Pershing X.

PureFacts’ end-to-end revenue management platform is the only solution that does true daily calculations, providing:

  • Automated allocations and reconciliation of transactions, holdings, and / or assets
  • Automated calculation of receivable and payable fees
  • Automated asset classification and AI-powered error detection
  • Customizable solutions able to handle any rule, condition, exclusion, or exception, including flexible rebate and discount management
  • Easy-to-understand reports and dashboards, with actionable insights

PureFacts is changing the financial services game globally. This announcement comes on the heels of the company’s spring 2023 acquisition of Xtiva Financial Systems, a New York based technology firm in the wealth management industry.

Founded in 1997, PureFacts Financial Solutions is an award-winning provider of revenue management solutions for the investment industry. Serving over 120 clients with a combined 10 trillion in assets under management, PureFacts’ wealth-tech solutions help some of the largest and most recognizable wealth management firms and financial institutions grow revenue through better management of fees and actionable, data driven insights. Its solutions help firms retain clients, deliver high quality advice, improve productivity, properly incentivize advisor performance, and prevent costly mistakes. With offices in Canada, the USA, and Europe, PureFacts has been recognized for its innovation and excellence, most recently receiving the WealthTech100, AIFinTech100, and ESGFinTech100 awards. For more information, visit www.purefacts.com

Pershing X, Inc. is a technology provider focused on delivering the most interoperable and data-driven suite of advisory tools in the wealth management industry. Pershing X technology, including the Wove platform, is designed to create an effortless and intuitive experience that is integrated with multiple leading custodians. This allows wealth management professionals to focus their time on the business of advice, not technology, in order to maximize efficiency and optimize the experience for every client. Investment advisory solutions, if offered, may be provided by BNY Mellon Advisors, Inc., an investment adviser registered in the United States under the Investment Advisers Act of 1940 or one or more affiliates of BNY Mellon. Pershing X is an affiliate of Pershing LLC, each BNY Mellon companies. Pershing and Pershing X do not provide investment advice. Additional information is available on pershingx.com. 


Lynda Trudell

BNY Mellon | Pershing
Liz Ozaist

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