Altus

Xafinity Paymaster selects Altus for STP

31st Jul '09

Xafinity Paymaster is to introduce Straight Through Processing for DC Pension investments using the Altus Instruction Gateway. The initiative will go a step beyond other STP solutions in the market by automating the whole investment process right through to cash settlement and reconciliation and will dovetail with their banking systems from CashFac.

Ben Cocks, Products Director at Altus, believes it was their broad view of STP that was key: “We’ve taken a step back from message formats to look at the whole investment process. Rather than simply replace the fax we’ve worked through the process from validation and approval to settlement and reconciliation. We are continuing to extend the breadth of our STP products and we see this decision by Xafinity Paymaster, one of the leading pension administrators in the country, as an important vote of confidence in our approach.”

Matt Pittman, Director of Operations for Third Party Administration at Xafinity Paymaster, commented: “In using the innovative Altus and CashFac technologies and tailoring processes to suit the pensions environment, Xafinity is taking the market forward in using STP technologies to enhance the standards of customer care in our industry.’
 

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