--- title: "Next Matter vs Carta: Orchestration for Regulated Fund Operations" description: "Carta is a fund accounting and administration system of record you migrate into; Next Matter is the orchestration and governance layer that runs your operational process across the systems you already have, with maker-checker approvals and a full audit trail." lang: en json-ld: | { "@context": "https://schema.org", "@graph": [ { "@type": "Organization", "@id": "https://nextmatter.com/#organization", "name": "Next Matter", "legalName": "Daizy NM Limited", "url": "https://nextmatter.com", "logo": "https://nextmatter.com/__l5e/assets-v1/aab354c2-e169-46fe-8e9b-0e78438471d3/nextmatter-logo.svg", "description": "Next Matter is the orchestration platform for regulated financial operations - purpose-built for asset managers, fund administrators, and wealth and wealthtech firms, not a generic workflow tool - combining AI agents, your existing systems and human approvals with governance and a complete audit trail.", "sameAs": [ "https://www.linkedin.com/company/nextmatter", "https://www.daizy.com" ] }, { "@type": "WebSite", "@id": "https://nextmatter.com/#website", "url": "https://nextmatter.com", "name": "Next Matter", "publisher": { "@id": "https://nextmatter.com/#organization" }, "inLanguage": "en" } ] } --- [![Next Matter Logo](/__l5e/assets-v1/aab354c2-e169-46fe-8e9b-0e78438471d3/nextmatter-logo.svg)](/) - [Solutions](/solutions) [ grid\_view Solutions Overview Personas, capabilities, and proof ](/solutions)[ smart\_toy AI Orchestration Coordinate agents across your stack ](/solutions/ai-orchestration)[ library\_books Workflow Library Remix production-ready workflows ](/remix) Case Studies [ ![Ocorian](https://cdn.prod.website-files.com/69a7f71677d8045f0f2d982a/69a7f71677d8045f0f2da4e8_Ocorian_trustbar.svg) Ocorian 1,800 Employees • Fund Administrator ](/case-studies/ocorian)[ ![Trade Republic](https://cdn.prod.website-files.com/69a7f71677d8045f0f2d982a/69a7f71677d8045f0f2da4e9_traderpublic_trustbar.svg) Trade Republic 10M Customers • Online Trading Platform ](/case-studies/trade-republic)[ ![b2Venture](/__l5e/assets-v1/40232f5e-b66d-45f6-8d04-8be40304d172/b2venture-logo.png) b2Venture $800mn AUM • Venture Capital Firm ](/case-studies/b2venture)[ ![Swan](/__l5e/assets-v1/ef4919d4-3042-430f-b1a2-10b7da14c889/swan-logo.webp#lh=1500x401) Swan BaaS leader • Embedded Banking Platform ](/case-studies/swan) - [Platform](/platform) [ hub Platform Overview Built for Fund Operations ](/platform)[ build Workflow Builder Build long-running orchestrations ](/workflow-builder)[ smart\_toy AI & Automation Agents, models and guardrails ](/ai-and-automation)[ extension Integrations Core Ledger & Ecosystem Connectivity ](/integrations)[ verified\_user Governance & Audit Approvals and a full audit trail ](/governance-and-audit)[ shield Security SOC 2, ISO 27001, data residency ](/security) - Resources [ forum Ask a Technical Question Chat with the docs AI assistant ](https://help.nextmatter.com/docs/integrate-across-tools?assistant)[ campaign Opinions Perspectives from our team ](/opinions) [Sign in](https://app.nextmatter.com/login) [Apply](/book-a-demo) balance Comparison # Next Matter vs Carta: Orchestration for Regulated Fund Operations Carta is a fund accounting and administration system of record you migrate your data and processes into. Next Matter is the orchestration and governance layer that runs your operational process across the systems you already have - no migration, no outsourced ops team, no loss of control. [Book a demo](/book-a-demo) [See how it works](/platform) ## At a glance A factual, feature-by-feature view of how the two platforms differ for regulated fund and financial operations. Dimension Next Matter Carta Core function Orchestration and governance layer across the full operational process, coordinating people, systems and AI agents end to end. Fund accounting and administration system of record. Approach Orchestrate and govern the systems you already run, with no migration of fund data or processes. Migrate your cap table, accounting and investor data into Carta. Who does the work Your own operations team, using their existing expertise and keeping control in-house. Software plus Carta's own administration and services staff. Who builds workflows Operations teams build and change their own workflows, no-code, typically live in days. Carta's predefined product capabilities and roadmap. Process coverage Investor onboarding, KYC/AML, capital calls, exceptions, reporting and NAV oversight, end to end. Fund accounting, cap table and investor data. Audit trail Covers the full operational process by default - every approval, exception, AI action and human decision, timestamped and attributed. Scoped to the accounting and investor-data system of record. Maker-checker (four-eyes) approval Native default at step level across every workflow, whichever system the data lives in. Applied within the system of record. Integrations Native connectors to ledgers (including Carta), CRMs, KYC providers and data rooms, plus a typed API. Connects to Carta's own ecosystem. Typical buyer Head of Operations, COO, compliance and audit leads who keep operations in-house and add orchestration and governance. Funds wanting an outsourced, all-in-one system of record. ## A system of record is not an operations platform Carta's scope is the accounting and cap-table record. The coordination, approval and exception problem sits outside it. ### Records, inside one system Carta holds cap table, fund accounting and investor data. Its governance and reporting describe what is stored in that record. The operational work around it - chasing documents, screening an investor against a KYC provider, routing an exception to a reviewer, obtaining sign-off before a capital call goes out - happens across email, spreadsheets, the CRM, the data room and the ledger. ### Coordination, approvals and exceptions across every system Next Matter runs that surrounding process as one governed workflow. Every step - automated, AI or human - has an owner, a deadline, a control and an audit record, whichever system the data lives in. Your record system stays where it is; Next Matter reads from and writes to it as part of a process spanning onboarding, KYC/AML, capital calls, exception handling, reporting and NAV oversight. ## No migration, no lock-in Adopting a new system of record means moving fund data and rebuilding processes that already work. Orchestration does not. ### Switching costs are real costs A "switch to Carta" proposition asks a fund administrator to migrate cap table, accounting and investor data into a new platform, revalidate it, retrain the team and re-establish controls - while live funds keep running. Once the record sits in one vendor's platform, both the data and the operating model are tied to that vendor's roadmap. ### Augment the stack you already run Next Matter sits above your existing ledgers, CRMs, KYC providers and data rooms and governs the process across them. Nothing is migrated and nothing is replaced. Operations teams build workflows themselves, no-code, and are typically live in days rather than through a multi-quarter implementation programme. ## Governance across every step, not just the ledger Maker-checker and audit evidence are fund-ops-native defaults in Next Matter, and they apply everywhere the work happens. ### Maker-checker as a property of the step In Next Matter, four-eyes approval is switched on at a step. You name who prepares and who checks; the platform enforces separation of duties, records the named individuals and blocks progression without sign-off. That control applies to an onboarding decision, a KYC escalation, a capital call notice and a NAV release alike - not only to entries inside a system of record. ### A timestamped audit trail over the full process Every automated action, AI-agent step and human decision is timestamped and attributed by default, with inputs, outputs and approvals held together against the case, investor and fund. A record system's audit log explains the entries. Next Matter explains the process: what was requested, what was checked, what was escalated, who approved it and when. ## Proof in production Next Matter runs regulated operations today across fund administration, banking and venture. Ocorian 300+ fund specialists running governed fund operations. [Read the case study](/case-studies/ocorian) Trade Republic Bank-grade client operations at consumer scale. [Read the case study](/case-studies/trade-republic) b2venture Venture operations to roughly 800M EUR AUM. [Read the case study](/case-studies/b2venture) Swan Embedded-finance operations at scale. [Read the case study](/case-studies/swan) Next Matter is SOC 2 Type II certified - see the [Trust Center](https://app.drata.com/trust/d62cb1a1-96df-4741-8058-97ecbc4ff345/) - and ISO 27001 certified, with SSO/SCIM and data residency you control. ## See it against your own process Bring a real workflow - a capital call, an investor onboarding, a NAV pack - and we will show you how it runs with AI, maker-checker approvals and a full audit trail. 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