BetaNXT launches Operations as a Service solution for WealthTech firms

By Delisha Fernandes

BetaNXT, a wealth management software provider with real-time data capabilities, announced the launch of its Operations as a Service (OPaaS) solution at the SIFMA Operations Conference and Exhibition.

Operations as a Service (OPaaS) is an outsourcing solution designed to streamline middle and back-office operations, allowing firms to reduce costs, realise new revenue streams, reduce complexity, and better manage risk.

Speaking from the main stage at the SIFMA Ops conference, Stephen C. Daffron, Chairman and Chief Executive Officer BetaNXT, said,  “The securities industry clients have a distinct demand curve that enables us to do business only if the trust in our protection and risk mitigation bolsters our corresponding supply curve. We launched OPaaS, in large part, so that we manage the nuts and bolts of our client’s operations while they pay attention to their clients and their needs.”

In conjunction with its announcement, BetaNXT announces the appointment of Joseph Colaizzo to head up the OPaaS solution.  Most recently Head of Risk Management and Internal Audit at Mediant Communications, Mr Colaizzo previously served as the Head of Brokerage Operations for Vanguard, where he led the transformation of brokerage operations as part of Vanguard becoming a self-clearing broker-dealer.  Mr Colaizzo will oversee a team providing securities brokerage operations outsourcing solutions to BetaNXT’s clients.

“Firms are facing headwinds on numerous fronts, including rising costs, challenges with legacy technology, and an accelerating pace of regulatory change – all of which creates operational risk,” said Tim Rutka, President of Beta. “Under Joe Colaizzo’s leadership, BetaNXT’s OPaaS provides operations for the commoditised tasks that do not differentiate a broker-dealer, which will, in turn, provide cost savings and allow our customers to focus more time, effort, and investment in the areas with the greatest risk.”