Verification of net asset values

Abstract

Disclosed herein is a system for verifying financial data, such as a Net Asset Value (“NAV”), received from a third party. A new NAV for a fund may be supplied to the system, along with other data, for storage in a database of financial data. Upon receiving the new NAV, the system may analyze the NAV by comparing it to historical NAVs for that fund. If the NAV is within a certain variance, as compared to historical values, then the NAV may be stored as a current NAV for the fund. However, if the NAV differs from one or more historical values by more than a predetermined tolerance, the system may present to a provider of the NAV data one or more possible explanations for the variation, from among which the provider must select an explanation before the NAV is added to the database of financial data.

1 . A computer-implemented method for validating measurements in a database, comprising:
 receiving a value for a measurement from a data provider through an electronic interface;   retrieving, over an electronic communications network, one or more historical values for the measurement from an electronic measurement database;   comparing the value to one or more historical measurement values to obtain a variance that characterizes a difference between the value and the one or more historical values;   when the variance is within a tolerance for the value, storing the value in the electronic measurement database; and   when the variance is not within the tolerance for the value:
 i) presenting, through the electronic interface, one or more preset explanations for the variance to the data provider, 
 ii) requiring the data provider to select one of the one or more preset explanations for the variance; and 
 iii) storing, in the electronic measurement database, the net asset value and the selected preset explanation for the variance. 
   
   
   
       2 . The method of  claim 1 , wherein the electronic interface includes a computer terminal. 
   
   
       3 . The method of  claim 1 , wherein the electronic interface includes an electronic network connection. 
   
   
       4 . The method of  claim 1 , wherein the tolerance for the value is editable by an authorized user. 
   
   
       5 . The method of  claim 1 , wherein the at least one preset explanation is based at least in part on the variance. 
   
   
       6 . The method of  claim 1 , wherein the one or more preset explanations is editable by an authorized user. 
   
   
       7 . The method of  claim 6 , further comprising at least one of adding a preset explanation to the one or more preset explanations, deleting a preset explanation from the one or more preset explanations, and modifying one of the one or more preset explanations. 
   
   
       8 . The method of  claim 1 , wherein the one or more preset explanations includes an option for a data provider to enter a textual explanation. 
   
   
       9 . The method of  claim 1 , wherein receiving a value for a measurement comprises receiving a value for a measurement that is manually entered through a user interface. 
   
   
       10 . The method of  claim 1 , wherein receiving a value for a measurement comprises an electronic data upload. 
   
   
       11 . The method of  claim 10 , wherein the electronic data upload comprises a plurality of values for a plurality of measurements. 
   
   
       12 . A system for validating a measurement database comprising:
 a database having memory for storing one or more historical values for a measurement;   a client device connected in a communicating relationship with a network, the client device transmitting a value for the measurement;   a server connected in a communicating relationship with the database and the client device, the server receiving the measurement value from the client device and executing a process to compare the measurement value to the one or more historical measurement values, the process further configured to present one or more preset explanations for the variance to the client device when a variance between the measurement value and the one or more historical net asset values exceeds a tolerance, and, when the tolerance is exceeded, further configured to store the measurement value when a selected one of the one or more preset explanations for the variance has been received from the client device.   
   
   
       13 . The system of  claim 12 , wherein the client device includes a computer terminal. 
   
   
       14 . The system of  claim 12 , wherein the tolerance for the value is editable by an authorized user. 
   
   
       15 . The system of  claim 12 , wherein the at least one preset explanation is based at least in part on the variance. 
   
   
       16 . The system of  claim 12 , wherein the at least one preset explanation is editable by an authorized user. 
   
   
       17 . The system of  claim 12 , wherein the server is further configured to receive from the client device a command, wherein the command includes instructions for at least one of adding a preset explanation to the at least one preset explanation, deleting a preset explanation from the at least one preset explanation, and modifying one of the at least one preset explanation. 
   
   
       18 . The system of  claim 12 , wherein the at least one preset explanation includes an option to enter a textual explanation. 
   
   
       19 . The system of  claim 12 , wherein the value transmitted from the client device is manually entered at the client device. 
   
   
       20 . The system of  claim 12 , wherein the server receiving the value from the client device comprises an electronic data upload. 
   
   
       21 . The system of  claim 20 , wherein the electronic data upload comprises a plurality of values for a plurality of measurements. 
   
   
       22 . A computer program product for validating measurements in a database comprising:
 a computer readable medium having stored thereon computer executable code for:
 receiving a value for a measurement from a data provider through an electronic interface; 
 retrieving, over an electronic communications network, one or more historical values for the measurement from an electronic measurement database; 
 comparing the value to one or more historical measurement values to obtain a variance that characterizes a difference between the value and the one or more historical values; 
 when the variance is within a tolerance for the value, storing the value in the electronic measurement database; and 
 when the variance is not within the tolerance for the value:
 i) presenting, through the electronic interface, at least one preset explanation for the variance to the data provider, 
 ii) requiring the data provider to select one of the at least one preset explanations for the variance; and 
 iii) storing, in the electronic measurement database, the net asset value and the selected preset explanation for the variance. 
 
   
   
   
       23 . The computer program product of  claim 22 , wherein the electronic interface includes a computer terminal. 
   
   
       24 . The computer program product of  claim 22 , wherein the electronic interface includes an electronic network connection. 
   
   
       25 . The computer program product of  claim 22 , wherein the tolerance for the value is editable by an authorized user. 
   
   
       26 . The computer program product of  claim 22 , wherein the at least one preset explanation is based at least in part on the variance. 
   
   
       27 . The computer program product of  claim 22 , wherein the at least one preset explanation is editable by an authorized user. 
   
   
       28 . The computer program product of  claim 22 , the computer readable medium further having stored thereon computer executable code for at least one of adding a preset explanation to the at least one preset explanation, deleting a preset explanation from the at least one preset explanation, and modifying one of the at least one preset explanation. 
   
   
       29 . The computer program product of  claim 22 , wherein the at least one preset explanation includes an option for a data provider to enter a textual explanation. 
   
   
       30 . The computer program product of  claim 22 , wherein receiving a value for a measurement comprises receiving a value for a measurement that is manually entered through a user interface. 
   
   
       31 . The computer program product of  claim 22 , wherein receiving a value for a measurement comprises an electronic data upload. 
   
   
       32 . The computer program product of  claim 31 , wherein the electronic data upload comprises a plurality of values for a plurality of measurements.