An Electra Billing client called our support team today, concerned about the effect of the extra day in the 2106 leap year on the proration of fees. We were able to ease their concern by directing them to the Period Proration setting.  Period Proration controls how Electra Billing prorates fees to the correct fee due for the particular billing period.  Our Actual/Actual setting will always use the ‘actual’ number of days in a year thus always accounting for Leap years when they occur.  This selection provides the most accurate fee calculation while at the same time ensuring the dynamic nature of leap years is accounted for.

(Doug Fritz, Product Manager — Electra Billing)

Starting a new year provides a great opportunity for reflection. Here at Electra Information Systems, we are happy to report that 2015 provided a record-breaking year for us, with an increasing number of financial institutions relying on us and our products to make sure that their operations run smoothly.

Since its inception in 1998, Electra has been guided by a single, client-driven principle – efficient processing is critical to success. As the market continued to increase in complexity in 2015, demand for automated post-trade operation and robust data management solutions quickly rose, increasing Electra’s client base by 20%. While all of Electra’s solutions contributed to its growth in 2015, particular strength was evident in Electra’s reconciliation solutions and subscriptions to its extensive data network. The platforms that Electra provides are vital in the financial services industry with investors, fund administrators, custodians, insurance firms and other buy-side clients using these products to their advantage.