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Fund application and payment processing for the investment management sector

The fund solution division of Link Asset Services (LAS) partnered with Capita Intelligent Communications to process incoming information, mail and payments in a scalable environment, which has allowed LAS to maintain their position as a leading service provider in the UK, offering clients a fully compliant and auditable end-to-end, straight through processing solution for investors in funds. Key outcomes: average of over 10,000 mail items per month processed on the same day service; 5,000 cheques per month are verified, processed and paid into the bank on the same day as receipt; an average of 3,500 applications for funds processed per month.

The fund solution division of Link Asset Services (LAS) has been providing fund administration services for over 35 years.

They provide fund administration and transfer agency services to over 470 authorised & unauthorised funds for both retail and institutional clients, with assets totalling over £30bn.

Partnering with Capita Intelligent Communications to process incoming information, mail and payments in a scalable environment, has allowed LAS to maintain their position as a leading service provider in the UK, offering clients a fully compliant and auditable end-to-end, straight through processing solution for investors in funds.

Processes and operations are streamlined – ensuring clients are provided with an efficient, extremely reliable and FCA compliant service; with information at their fingertips for their critical valuation points throughout the day.

The solution
Link Asset Services (LAS) are developing a more digital way of working to support their plans for future growth.

Capita Intelligent Communications (CIC) partnered with LAS to provide Fund management back office processing services including: mailroom, digitisation, application and payment processing; aligned with LAS’s PEGA workflow solution.

Physical and electronic mail is received at a secure location for: security screening, conversion into electronic files, indexing and delivery directly into the workflow solution. Multiple financial funds are managed; all processing is strictly rules- driven and adheres to differing SLAs by client and correspondence type.

A 6.30am priority Royal Mail delivery means that critical post is processed before the start of the working day. Cheques are verified to ensure their validity, before being delivered directly to individual corresponding banks; providing faster clearing and enabling clients to receive information and
funds earlier.

Files are transferred in-line with LAS’s specified data requirements and work queues; with encrypted transfers throughout the day, strategically timed to ensure key SLAs are met and processes are fully FCA compliant.

As part of the service, the experienced CIC team look after key processes such as cherished document validation on behalf of clients. Passports, ID cards, birth and marriage certificates are received and validated. Copies are then sent on to workflow and the original documents are returned via post all on a same day turnaround.

Implementation of the whole project took just 3 months, with several elements piloted in isolation to ensure there was a smooth transition and all work-streams were functioning
correctly.

The whole process is fully auditable with daily, weekly and monthly Management Information (MI) reports providing consolidated finance reports and insight into volumes, values of applications and payments. Service reviews monitor progress and ensure the implementation is fully effective.

The Capita DIC operation is ISO 9001, ISO 27001 and ISO 22301 certified

LAS receive a good daily service from Capita Intelligent Communications and the team are always available to respond to queries that require a quick turnaround.

Gail Bailey Head of Customer Experience

This partnership delivered a range of benefits including:

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