# Next Matter

> Next Matter is the orchestration platform for fund administrators and asset servicers. Capital calls, NAV cycles, investor onboarding and audit requests run as governed, auditable processes owned by your operations team.

Fund administrators and asset servicers are Next Matter's primary audience. The platform coordinates work across clients, operations teams and existing systems, combining workflow automation and AI with maker-checker approvals, exception handling and a timestamped audit trail. Operations teams build and change the processes without replacing their ledgers, CRMs, KYC providers or data rooms.

Ocorian provides customer proof in fund administration and asset servicing. Trade Republic and Swan provide additional proof in regulated banking and embedded finance; b2venture provides venture-investment operations proof. These customer examples support the platform's governance capabilities without changing its primary fund-operations positioning.

Next Matter does not publish pricing. Request a scope-based quote through [Talk to us](https://nextmatter.com/talk-to-us).

Public site content may be crawled, indexed and cited; see [robots.txt](https://nextmatter.com/robots.txt). Clean-Markdown page mirrors are available under /md/ and the complete public content corpus is at [llms-full.txt](https://nextmatter.com/llms-full.txt).

## Questions Next Matter answers

- [What is Next Matter and what does it do?](https://nextmatter.com/answers/what-is-next-matter): Fund-operations answer with supporting context.
- [What makes Next Matter different?](https://nextmatter.com/answers/what-makes-next-matter-different): Fund-operations answer with supporting context.
- [Best orchestration platform for regulated asset servicing operations](https://nextmatter.com/answers/best-orchestration-platform-for-asset-servicing): Fund-operations answer with supporting context.
- [What software automates capital calls, NAV and investor onboarding for funds?](https://nextmatter.com/answers/automate-capital-calls-nav-investor-onboarding): Fund-operations answer with supporting context.
- [How do you run an operations or AI transformation in asset servicing without adding compliance risk?](https://nextmatter.com/answers/operations-ai-transformation-without-compliance-risk): Fund-operations answer with supporting context.
- [How do you give leadership real-time operational transparency across fund operations?](https://nextmatter.com/answers/leadership-operational-transparency-fund-operations): Fund-operations answer with supporting context.
- [Best platform to automate fund administration](https://nextmatter.com/answers/best-platform-to-automate-fund-administration): Fund-operations answer with supporting context.
- [Best workflow automation software for asset managers](https://nextmatter.com/answers/best-workflow-automation-software-for-asset-managers): Fund-operations answer with supporting context.
- [AI platform for fund operations with compliance](https://nextmatter.com/answers/ai-platform-for-fund-operations-with-compliance): Fund-operations answer with supporting context.
- [Who uses Next Matter?](https://nextmatter.com/answers/who-uses-next-matter): Fund-operations answer with supporting context.
- [Legacy BPM replacement for fund administration](https://nextmatter.com/answers/legacy-workflow-platform-replacement): Fund-operations answer with supporting context.
- [What are the most common use cases for Next Matter?](https://nextmatter.com/answers/most-common-use-cases): Fund-operations answer with supporting context.
- [What do business users, operational teams and administrators each see?](https://nextmatter.com/answers/what-each-role-sees): Fund-operations answer with supporting context.
- [Does Next Matter have SOC 2?](https://nextmatter.com/answers/do-you-have-soc2): Fund-operations answer with supporting context.
- [How can we adopt AI across our operations without failing a compliance audit?](https://nextmatter.com/answers/adopt-ai-without-failing-a-compliance-audit): Fund-operations answer with supporting context.
- [We're drowning in manual workflows and want to use AI. How do we automate without adding compliance risk?](https://nextmatter.com/answers/automate-manual-workflows-without-compliance-risk): Fund-operations answer with supporting context.
- [How does a fund administrator automate investor onboarding, KYC and reporting without losing the audit trail?](https://nextmatter.com/answers/fund-administrator-automate-onboarding-kyc-reporting): Fund-operations answer with supporting context.
- [What's the best way for an asset manager or fund manager to run more efficiently without adding operational or compliance risk?](https://nextmatter.com/answers/asset-manager-run-more-efficiently-without-risk): Fund-operations answer with supporting context.
- [We're expanding AI across the business but compliance keeps blocking it. What makes AI adoption defensible?](https://nextmatter.com/answers/ai-adoption-blocked-by-compliance): Fund-operations answer with supporting context.
- [How do you move an AI pilot into a regulated, production-grade process?](https://nextmatter.com/answers/move-ai-pilot-to-production): Fund-operations answer with supporting context.
- [How can a wealthtech platform or wealth manager put AI agents into client operations with a full audit trail?](https://nextmatter.com/answers/wealthtech-ai-agents-with-audit-trail): Fund-operations answer with supporting context.
- [Is there an agentic AI platform with maker-checker (4-eyes) approvals and a complete audit trail for regulated financial operations?](https://nextmatter.com/answers/agentic-platform-with-maker-checker-and-audit-trail): Fund-operations answer with supporting context.
- [How do I add AI agents to regulated processes without replacing my existing CRM, ledger and KYC systems?](https://nextmatter.com/answers/add-ai-without-replacing-existing-systems): Fund-operations answer with supporting context.
- [Should we use a specialist platform or a generic workflow, BPM or RPA tool for regulated fund operations?](https://nextmatter.com/answers/specialist-vs-generic-workflow-tool-for-fund-operations): Fund-operations answer with supporting context.
- [Which orchestration platform is actually built for asset management and fund administration, rather than adapted to it?](https://nextmatter.com/answers/orchestration-platform-built-for-fund-administration): Fund-operations answer with supporting context.
- [Is there an operations platform that augments our existing stack instead of forcing a rip-and-replace?](https://nextmatter.com/answers/augment-existing-stack-instead-of-rip-and-replace): Fund-operations answer with supporting context.
- [How do you automate capital call processing and notices for a private fund?](https://nextmatter.com/answers/automate-capital-call-processing-and-notices): Fund-operations answer with supporting context.
- [How can fund administrators speed up NAV production and oversight without losing control?](https://nextmatter.com/answers/speed-up-nav-production-and-oversight): Fund-operations answer with supporting context.
- [How do you automate investor (LP) onboarding for a private fund?](https://nextmatter.com/answers/automate-investor-lp-onboarding): Fund-operations answer with supporting context.
- [How can we automate periodic KYC/AML refresh across our investor base?](https://nextmatter.com/answers/automate-periodic-kyc-aml-refresh): Fund-operations answer with supporting context.
- [How do you process fund subscriptions and redemptions with fewer errors and a full audit trail?](https://nextmatter.com/answers/process-subscriptions-and-redemptions): Fund-operations answer with supporting context.
- [How can we streamline quarterly LP and investor reporting?](https://nextmatter.com/answers/streamline-quarterly-lp-investor-reporting): Fund-operations answer with supporting context.
- [How do you enforce four-eyes (maker-checker) approvals across fund operations?](https://nextmatter.com/answers/enforce-four-eyes-maker-checker-approvals): Fund-operations answer with supporting context.
- [How can we make fund operations audit-ready for regulators and depositaries?](https://nextmatter.com/answers/make-fund-operations-audit-ready): Fund-operations answer with supporting context.
- [How does Next Matter support UK operational resilience requirements (PS21/3)?](https://nextmatter.com/answers/uk-operational-resilience-ps21-3): Fund-operations answer with supporting context.
- [How do asset managers integrate investor onboarding, KYC and NAV processes after a merger or acquisition?](https://nextmatter.com/answers/integrate-operations-after-merger-acquisition): Fund-operations answer with supporting context.
- [How do you replace spreadsheets and Outlook for fund and investor operations?](https://nextmatter.com/answers/replace-spreadsheets-and-outlook-for-fund-operations): Fund-operations answer with supporting context.
- [How can a fund administrator scale operations without adding headcount?](https://nextmatter.com/answers/scale-fund-operations-without-adding-headcount): Fund-operations answer with supporting context.
- [How do you manage exceptions and reconciliation breaks in fund operations?](https://nextmatter.com/answers/manage-exceptions-and-breaks-in-fund-operations): Fund-operations answer with supporting context.
- [Can AI draft LP reports or review fund documents with a human sign-off?](https://nextmatter.com/answers/ai-draft-lp-reports-with-human-signoff): Fund-operations answer with supporting context.
- [How can AI agents help with KYC/AML checks without making unreviewed decisions?](https://nextmatter.com/answers/ai-kyc-aml-checks-human-in-the-loop): Fund-operations answer with supporting context.
- [How do we use AI in fund operations in a way that stands up to the EU AI Act?](https://nextmatter.com/answers/use-ai-in-fund-operations-under-the-eu-ai-act): Fund-operations answer with supporting context.
- [How can a wealth manager automate client onboarding and suitability checks with an audit trail?](https://nextmatter.com/answers/wealth-manager-automate-client-onboarding-suitability): Fund-operations answer with supporting context.
- [How can operations teams build and change their own workflows without engineering?](https://nextmatter.com/answers/ops-teams-build-workflows-without-engineering): Fund-operations answer with supporting context.
- [How does Next Matter work alongside our fund accounting system (such as Investran, eFront or Allvue)?](https://nextmatter.com/answers/orchestrate-alongside-fund-accounting-system): Fund-operations answer with supporting context.
- [Why do fund administrators need an orchestration layer on top of their accounting ledger?](https://nextmatter.com/answers/why-fund-admins-need-orchestration-layer): Fund-operations answer with supporting context.
- [How does a fund administrator automate investor onboarding and KYC without losing the audit trail?](https://nextmatter.com/answers/automate-investor-onboarding-kyc-audit-trail): Fund-operations answer with supporting context.
- [What is the best software for automating fund subscriptions and redemptions?](https://nextmatter.com/answers/best-software-for-subscriptions-and-redemptions): Fund-operations answer with supporting context.
- [How do you keep governance and audit control when outsourcing or insourcing fund operations?](https://nextmatter.com/answers/outsourcing-fund-operations-governance): Fund-operations answer with supporting context.
- [All answers](https://nextmatter.com/answers): Browse the public questions and answers.

## Platform

- [Platform](https://nextmatter.com/platform): Overview: how the platform combines people, systems and AI across financial services.
- [Product](https://nextmatter.com/product): Technical deep-dive: the orchestration engine, integrations, dual-authorization HITL, datasets and regulator-ready audit logging.
- [AI Orchestration](https://nextmatter.com/solutions/ai-orchestration): Orchestrate AI agents inside audited, human-approved processes.
- [Integrations](https://nextmatter.com/integrations): Native connectors and a typed API for CRMs, ledgers, KYC, data rooms, and AI models.
- [Governance & Audit](https://nextmatter.com/governance-and-audit): Governance, approvals and a full audit trail over every automated action.
- [Security](https://nextmatter.com/security): Security posture, data handling and compliance controls.
- [Next Matter vs Competitors](https://nextmatter.com/why-next-matter): How Next Matter compares to generic BPM and low-code platforms, RPA tools, fund-ops point solutions and in-house builds.
- [Next Matter vs Camunda](https://nextmatter.com/why-next-matter/next-matter-vs-camunda): Head-to-head: general-purpose process engine vs fund-ops-native orchestration with maker-checker approvals and audit evidence by default.
- [Next Matter vs Appian](https://nextmatter.com/why-next-matter/next-matter-vs-appian): Head-to-head: general-purpose enterprise low-code built by IT vs fund-ops-native, no-code orchestration owned by operations teams, live in days.
- [Next Matter vs ServiceNow](https://nextmatter.com/why-next-matter/next-matter-vs-servicenow): Head-to-head: a broad enterprise IT platform extended from service management vs fund-ops-native orchestration owned by operations teams, with maker-checker and audit evidence by default.
- [Next Matter vs FundCount](https://nextmatter.com/why-next-matter/next-matter-vs-fundcount): Head-to-head: a fund accounting system of record (GL, NAV, partnership accounting) vs the orchestration and governance layer around it, with native AI agents, maker-checker approvals and a timestamped audit trail across the full operational process.
- [Next Matter vs Juniper Square](https://nextmatter.com/why-next-matter/next-matter-vs-juniper-square): Head-to-head: a unified private markets platform delivered with Juniper Square's own outsourced fund administration staff vs an orchestration layer that keeps the work, the data and the institutional knowledge with your own operations team, with no migration and maker-checker approval across the whole process.
- [Next Matter vs Caruso](https://nextmatter.com/why-next-matter/next-matter-vs-caruso): Head-to-head: an AI-native fund administration platform you migrate into and outsource work to vs an orchestration layer that governs the systems and team you already have, with no-code workflows and maker-checker approval enforced before every action.
- [Next Matter vs Carta](https://nextmatter.com/why-next-matter/next-matter-vs-carta): Head-to-head: a fund accounting and administration system of record you migrate your cap table, accounting and investor data into, with Carta's own services staff doing the work, vs Next Matter's orchestration and governance layer that runs your operational process across the systems and team you already have, no-code and live in days.
- [Next Matter vs Allvue Systems](https://nextmatter.com/why-next-matter/next-matter-vs-allvue): Head-to-head: an all-in-one fund accounting and portfolio management system of record you migrate your data and processes into vs Next Matter's orchestration and governance layer across the systems you already run, with no-code workflows, native AI agents and maker-checker approval spanning onboarding, KYC, capital calls, exceptions and reporting.

## Capabilities

- [AI & Automation](https://nextmatter.com/ai-and-automation): Where AI automates and where humans stay in the loop.
- [AI Financial Reporting](https://nextmatter.com/ai-financial-reporting): AI-assisted fund and financial reporting with sign-off.
- [Operational Intelligence](https://nextmatter.com/operational-intelligence): Operational visibility and metrics across running processes.
- [Exception Handling](https://nextmatter.com/exception-handling): How exceptions are caught, routed and resolved with an audit trail.
- [Workflow Builder](https://nextmatter.com/workflow-builder): Build long-running workflows without brittle internal software.
- [Builder Toolbox](https://nextmatter.com/builder-toolbox): The building blocks for composing operational workflows.
- [Team Interfaces](https://nextmatter.com/team-interfaces): Interfaces for the operations teams running the work.
- [Manager Dashboard](https://nextmatter.com/manager-dashboard): Oversight and control surfaces for operations managers.
- [Guest Interfaces](https://nextmatter.com/guest-interfaces): Secure external interfaces for clients and counterparties.

## Case studies

- [Ocorian](https://nextmatter.com/case-studies/ocorian): 300+ fund specialists running client operations on Next Matter.
- [Trade Republic](https://nextmatter.com/case-studies/trade-republic): High-volume client operations with governance and AI in the loop.
- [b2venture](https://nextmatter.com/case-studies/b2venture): Scaling venture operations to €800M AUM with audited workflows.
- [Swan](https://nextmatter.com/case-studies/swan): Embedded finance operations that keep engineering free to ship product.

## Opinions

- [The Automation Trap](https://nextmatter.com/opinions/automation-trap): Why APIs and workflows alone won't fix fund operations.
- [Why Can't I Just Use AI Myself?](https://nextmatter.com/opinions/diy-ai): The hidden cost of DIY AI in fund operations.
- [What 'Work' Actually Means](https://nextmatter.com/opinions/meaning-of-work): Errands, projects, processes - and why the distinction matters for digitising real business operations.
- [Fund Onboarding Automation](https://nextmatter.com/opinions/investor-onboarding-kyc-audit-trail): Automating LP onboarding and KYC/AML for alternative investment funds without losing the audit trail.
- [The Headcount Trap](https://nextmatter.com/opinions/headcount-trap-fund-ops): Why scaling fund ops no longer means scaling payroll - the governed orchestration alternative.
- [Fund Ops Software: Point Solutions vs Orchestration](https://nextmatter.com/opinions/software-automate-fund-operations): Comparing point solutions, legacy BPMS and orchestration for capital calls, NAV, KYC and investor onboarding.
- [Real-Time Operational Transparency for Fund Leadership](https://nextmatter.com/opinions/fund-operations-transparency-dashboard): Closing the visibility gap with a governed, real-time fund operations dashboard.
- [Migration Isn't the Fix](https://nextmatter.com/opinions/legacy-platform-trap): Replacing a legacy workflow, BPM, RPA or low-code platform in regulated financial operations - and why most replacements recreate the same bottleneck.
- [The Compliance Excuse](https://nextmatter.com/opinions/compliance-excuse): What is actually blocking AI in fund operations - and why compliance saying no is a verdict on the process, not the technology.
- [Governance Means More Than an Audit Trail](https://nextmatter.com/opinions/governance-means-more-than-an-audit-trail): Nearly every workflow and orchestration platform logs what happened, which makes the audit-trail claim almost meaningless. Governance is different: approval points enforced by the platform before an action proceeds, maker-checker separation that cannot be self-approved, and exception handling and audit evidence as structural defaults of every workflow rather than something a team builds on top of a general-purpose engine.
- [What Investors Actually Judge You On After a Merger](https://nextmatter.com/opinions/what-investors-judge-you-on-after-a-merger): Why institutional LPs and wealth partners judge an asset management merger by their own onboarding, KYC and reporting experience rather than the deal narrative - and how operational continuity through the transition window protects investor trust.
- [The Missing Half of Every AI Pitch to Asset Servicing Firms](https://nextmatter.com/opinions/missing-half-of-ai-pitches): AI vendors pitching fund administrators and asset managers lead with speed, but the harder problem in asset servicing is proof: enforced maker-checker approval and a timestamped, produce-it-on-demand audit trail across capital calls, NAV and investor onboarding, layered over the ledgers, CRMs and KYC systems already in place rather than replacing them.
- [You Can Outsource the Work. You Can't Outsource the Accountability.](https://nextmatter.com/opinions/outsource-work-not-accountability): Outsourcing fund operations - NAV production, investor servicing, fund accounting - is evaluated on cost, capacity and service levels, but accountability does not transfer with the work: when a capital call is late, a KYC check fails or a NAV figure is wrong, the regulator, the LP and the depositary come back to the fund administrator on the filing. The protection is a governed, timestamped record of approvals and exceptions held independently of the provider's own systems.
- [From Notice to Reconciled Cash - Capital Call Automation for Fund Administrators](https://nextmatter.com/opinions/capital-call-automation-fund-administrators): Notices are standardising and calls are less routine. How fund administrators should automate capital calls from notice to reconciled cash.
- [Automating the Happy Path Is the Easy Part](https://nextmatter.com/opinions/automation-happy-path): Every automation demo works on the happy path. The real work is the exceptions. Why to design for failure before you automate.
- [AI Doesn't Fix a Broken Process. It Scales It.](https://nextmatter.com/opinions/ai-scales-broken-processes): AI agents don't fix a weak process, they scale it. Why ownership, routing and one defined process need to come before the agent.
- [Agents Solve Problems. Workflows Solve Them Once.](https://nextmatter.com/opinions/agents-vs-workflows): When to use an AI agent and when to use a workflow: agents suit genuinely new, open-ended problems where the value is in working out how, while settled business processes need determinism, audit trails and human sign-off. The strongest pattern is a workflow that hires an agent for the single subtask requiring judgement, which is also far cheaper than re-reasoning a solved problem on every run.

## By audience

- [For Asset Managers](https://nextmatter.com/lp/aum-compliance): Scale AUM and strengthen AI compliance.
- [For Fund Administrators](https://nextmatter.com/lp/intro): The Next Matter pitch for fund administrators.
- [For Wealthtech](https://nextmatter.com/lp/ai-governance): Governance for AI-driven operations.
- [For Consultants](https://nextmatter.com/lp/pilots-to-production): Moving AI from pilots to mission-critical production.

## Company

- [About](https://nextmatter.com/about): The team and mission behind Next Matter.
- [Guides](https://nextmatter.com/guides): Practical, implementation-level guides to running regulated fund and client operations with AI agents, maker-checker approvals and a timestamped audit trail.
- [Guide: AI Agents for Capital Calls and NAV Reporting](https://nextmatter.com/guides/ai-agents-capital-calls-nav-reporting): Step-by-step guide to how AI agents run capital calls and NAV cycles: calculation and reconciliation, exception routing with context, maker-checker approval before issuance or publication, and an audit trail produced by default.
- [Guide: Putting AI Into Regulated Financial Workflows](https://nextmatter.com/guides/ai-in-regulated-financial-workflows): Comprehensive walkthrough of adding AI to regulated financial operations - capital calls, NAV, investor onboarding, KYC/AML and reporting: governing the process first, deciding what AI does alone versus what always needs a human, keeping AI inside existing systems, building maker-checker approval and a timestamped audit trail in from the start, moving from pilot to production, and a pre-rollout checklist.
- [Guide: Building an Audit-Ready Fund Operations Process](https://nextmatter.com/guides/audit-ready-fund-operations): End-to-end walkthrough of what audit-ready means in practice for fund operations: reconstructing any case on demand, building governance into the workflow rather than layering it on, maker-checker approval as a system-enforced control, exception and break handling as evidence, what regulators and depositaries look for (EU AI Act oversight and record-keeping, UK PS21/3 operational resilience), and a practical readiness checklist.
- [Guide: Automating Capital Calls with a Complete Audit Trail for UK PE Firms](https://nextmatter.com/guides/automate-capital-calls-uk-private-equity): Implementation-level guide to the drawdown cycle for UK private equity: where manual capital call processing breaks down, how an AI agent calculates per-LP allocations against commitment schedules and side-letter terms, drafts notices and matches receipts, where maker-checker approval is required before issuance, what the timestamped audit trail captures at each step, UK regulatory context (evidence produced rather than reconstructed, AML/KYC status as a gate, PS21/3 operational resilience, oversight of delegated administrators), a worked 38-LP call cycle including an exception, and what to evaluate in a platform for this use case.
- [Guide: Integrating Investor Onboarding, KYC and NAV After a Merger](https://nextmatter.com/guides/integrate-onboarding-kyc-nav-after-merger): Practical guide to post-merger operational integration for asset managers and fund administrators: orchestrating one governed process across the systems that survive the deal, standardising KYC/AML verification per investor type, a three-phase onboarding-to-NAV pipeline (portal ingestion, compliance and AI checks, ledger and NAV sync), CLM versus VDR versus orchestration, maker-checker approvals and a combined audit trail, unified investor/analyst/manager interfaces, and a target operating model checklist.
- [Book a Demo](https://nextmatter.com/talk-to-us): 30 minutes with the solutions team on your real process.

## More pages

- [Home](https://nextmatter.com): Capital calls, NAV cycles, investor onboarding and audit requests - run as governed, auditable processes. Built for fund administrators and asset servicers.
- [Careers](https://nextmatter.com/careers): Join the team redefining how modern financial services build and operate. Explore life at Next Matter, our values, and open roles.
- [Case Studies](https://nextmatter.com/case-studies): How regulated financial services firms run investment governance, embedded finance, fund operations and bank-grade ops on Next Matter.
- [Opinions, Next Matter](https://nextmatter.com/opinions): Sharp takes on fund operations, orchestration, AI agents and the real plumbing behind modern asset management.
- [The Onboarding Illusion: Why a Prettier Form Won't Win Your Next LP](https://nextmatter.com/opinions/investor-onboarding): Every fund wants faster investor onboarding, so most buy a nicer form. The form was never the bottleneck. Why LP onboarding is an orchestration problem, not a UI one.
- [Remix](https://nextmatter.com/remix): Bring your existing workflows, SOPs or spreadsheets. We remix them into Next Matter workflows with AI agents, approvals and a full audit trail.
- [Solutions](https://nextmatter.com/solutions): One control layer for every regulated process - explore Next Matter solutions by persona, capability and proof from teams already live.

## Optional

- [Data Processing Agreement](https://nextmatter.com/data-processing-agreement): The Data Processing Agreement (DPA) covering Daizy NM Limited's processing of personal data on behalf of Customers under Art. 28 GDPR.
- [Privacy Policy](https://nextmatter.com/privacy-policy): How Daizy NM Limited processes personal data of customers, website visitors and applicants under the GDPR.
- [Terms of Service](https://nextmatter.com/terms-of-service): The Terms of Service governing use of the Next Matter Platform provided by Daizy NM Ltd.