Written by Ben Cocks on 11 November 2014
Today, Altus Business Systems announces that Parmenion has gone live with the Altus Transfer Gateway service (ATG). Parmenion is the first DFM platform to offer electronic transfer facility for client investments.
The Altus Transfer Gateway will enable Parmenion to speed up and simplify the process of clients moving investments across to its platform.The ATG service supports electronic transfers to any of Parmenion’s platform based DFMs within 5-6 working days.
Electronic cash transfers are now live through Parmenion and development work to enable electronic in specie transfers is currently in progress.
Ben Cocks, Head of Altus Business Systems says: ‘Parmenion is to be congratulated for adopting the Altus Transfer Gateway to drive innovation in this sector. The speed and efficiency of the electronic transfer process will not only minimise the out of market risks to clients but will also save costs which ultimately, help to deliver better customer outcomes for DFMs and Advisers using the platform.’
Ben Cocks added: ‘We hope Parmenion’s forward thinking approach to solving this industry challenge will set an example for other providers so that clumsy and time consuming transfers become a thing of the past.’
David Tanner, Head of Operations at Parmenion says: ‘We’re delighted to be working with Altus who have taken a very active role in developing best practice for the industry in this area. ‘This is an important development with significant benefits to clients. The industry can become far more efficient than it is. As an innovative technology and investment company, we want to move the market more quickly towards achieving greater efficiency.
David continued, “We have already signed Service Level Agreements for re-registration with a number of platforms and look forward to adoption throughout the industry”.
Improving treatment of vulnerable customers
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The financial services industry is lagging when it comes to identifying and servicing vulnerable customers, putting them at risk of both regulatory and reputational damage. While some businesses seem to be making progress – writing vulnerable customer policies, training staff and adopting front-line techniques – there is still a lot to be done.
Altus Consulting joins Insurtech UK as consultancy partner
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