San Juan, PR (March 2, 2020) – BPAS, a leading national provider of retirement and benefit plans, fund administration, and collective investment trusts announced today it has successfully rolled out 180-degree integration with RENOVA Solutions (RENOVA) for mutual plan sponsor clients. RENOVA is a provider of payroll services and technological human capital solutions based in Puerto Rico.
The BPAS-RENOVA integrated solution improves administrative staff productivity and enhances data security and integrity. The two companies created the integrated solution exclusively for their mutual customers who use the RENOVA platform and BPAS services. It is the first such offering in Puerto Rico.
“Our focus on payroll technology is relentless,” said Wilfredo Cosme, Co-founder, and President of RENOVA Solutions. “We are excited to further our integration with the different platforms involved in human capital management, in this case, the BPAS benefits platform. The integration of technology and human resources transforms the customer experience, which is an essential part of our mission,” he added.
Cosme credits Finanxial Group for making the alliance possible. “We want to thank our friends and business partners from Finanxial Group for putting together RENOVA and BPAS along with their valuable input as investment advisors and leaders in designing and advising retirement plans in Puerto Rico,” said Cosme. “This triumvirate strategic alliance creates a strong solution for current and future clients. We have selected best-in-class solutions for plan administration, payroll services and plan advisors, with each firm working together seamlessly. That’s what we’re able to bring to the table with BPAS and Finanxial.”
RENOVA integrates with several accounting systems, and BPAS works with many different payroll providers. The collaboration provides value-added benefits to mutual clients.
“Our goal was to reduce the administrative workload for employers offering a retirement plan benefit to employees,” said Alfredo Matheu, President of BPAS Trust Company of Puerto Rico. “We’re thrilled about our partnership with RENOVA,” he added. “It will be a terrific resource for current and future clients seeking ease of administration for their benefit programs. We’re now able to deliver a high-touch service environment with minimized routine tasks and maximized automation between the recordkeeper and the payroll system. It is truly a first-of-its-kind offering for the Puerto Rico market.”
About RENOVA Solutions
RENOVA Solutions provides powerful technology and dedicated support teams that understand clients and are there for them every step of the way to transform the employee experience. RENOVA provides a single solution and support for HR, Payroll, Hiring, Benefits Administration, Time & Attendance, Compliance as well as innovative Wellness and Hiring Solutions.
Founded in 2012, RENOVA has been a growing private company year after year. With more than 20K users on the platform, RENOVA clients benefit from state-of-the-art technology along with support focused on helping people make the difference. Visit https://www.renovasolutions.com for more information.
About Finanxial Group
Finanxial is a professional service group providing the widest range of financial services in Puerto Rico lead by Fernando Navarro, CPA/PFS, CFP, CIA, and Andrés Morgado CPA/PFS, CFP, Esq. Finanxial Group is the first and only CPA firm to grow into a truly financial service from financial consultants to investment advisory services, specializing in retirement plans. Services are focused on design, implementation, and advice to retirement plans based on each client’s need to maximize benefits by using the best products and providers for the plans.
About BPAS
BPAS is a national provider of retirement plans, benefit plans, fund administration, and collective investment trusts. We support 3,800 retirement plans, $86 billion in trust assets, $1 trillion in fund administration, and more than 450,000 participants. With our breadth of services, depth of creative talent, and financial resources, we are well positioned to help our clients solve all their benefit plan challenges without the need to engage multiple providers. One company. One call.
The BPAS family of services includes Plan Administration & Recordkeeping, TPA, Actuarial & Pension, VEBA & HRA/HSA, Fiduciary, IRA, Healthcare Consulting, Transfer Agency, Fund Administration, Custody, and Collective Investment Trusts.
Specialty practices include Auto Enrollment Plans, Multiple Employer Trusts/Plans, Plans with Employer Securities, Puerto Rico Section 1081 Plans, VEBA/HRA Plans, Cash Balance Plans, Collective Investment Trusts, and Fund Administration.
BPAS subsidiaries include Hand Benefits & Trust, NRS Trust Product Administration, Global Trust Company, and BPAS Trust Company of Puerto Rico.
As a solutions-oriented national practice, we are committed to “Solving Tomorrow’s Benefit Challenges Today.” Visit bpas.com for more information.