San Juan, PR (February 5, 2020) – BPAS, a leading national provider of retirement plans, benefit plans, fund administration, and collective investment trusts and RENOVA Solutions (RENOVA), a provider of payroll services and technological human capital solutions, announced today they have successfully rolled out 180-degree integrated solutions for mutual plan sponsor clients.

The integration solution automatically links and synchronizes information between the plan sponsor, recordkeeper/investment provider, and employees. It’s a fully automated way to save time, reduce data entry errors, and protect data integrity without manual entries. Data is updated automatically between BPAS and RENOVA HCM platforms whenever there is a change to one of the systems.

“We created this integration exclusively for customers who use our platform and BPAS services, unique in Puerto Rico, and of great interest to sponsors of retirement plans. Our focus on payroll technology is relentless”; said Wilfredo Cosme, Co-founder, and President of RENOVA Solutions. &quot. We are excited to further our integration with the different platforms involved in human capital management, in this case, with the BPAS benefits platform. The integration of technology and human resources addresses to transform the experience of our customers, which is an essential part of our mission," added Cosme. ”We want to thank our friends and business partners from Finanxial Group, who made this alliance possible by putting together RENOVA and BPAS along with their valuable input as investment advisors and leaders in designing and advising retirement plans in Puerto Rico. 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, not bundle them arbitrarily but having each firm working together seamlessly. That’s what we’re able to bring to the table with BPAS and Finanxial.”

Both RENOVA and BPAS recognize the right of employers to manage their mix of service providers across employee benefit, payroll, and accounting services as they see fit. RENOVA integrates with several accounting systems, and BPAS works with many different payroll providers. The goal was to create an integration solution that would optimize the experience for mutual clients.

“Our model at BPAS is to put all clients on the freeway, meaning that we receive complete census data each payroll period, then perform a range of services on the client’s behalf to simplify their daily experience,” said Alfredo Matheu, President of BPAS Trust Company of Puerto Rico. “It’s all predicated on receiving complete, accurate, and timely data. We’re thrilled about our partnership with RENOVA. It will be a terrific resource for current and future clients seeking similar benefits – a high-touch service environment, minimized routine tasks, and maximum automation between the recordkeeper and payroll system.”

About RENOVA
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, CXPA/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, $ billion in trust assets, $1trillion 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, AutoRollovers & MyPlanLoan, 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.