Altus has added a new capability to its Altus Transfer Gateway (ATG) to electronically transfer Cash Deposit ISAs, held with Bank and Building Societies, to Stocks & Shares ISAs held on investment platforms, plugging the gap between the two electronic ISA transfer systems.
The UK transfer market is fragmented in multiple incompatible services across the different segments of the savings and investments industry. Altus is opening the way to linking two of these services, the TISA Exchange (TeX) and BACS ISA transfer service, allowing a much faster, easier and entirely digital transfer experience for customers. The current paper-based process for transferring Cash ISAs to Stocks and Shares ISA typically takes many weeks. With this new capability, over 80% of these ISA transfers could be completed within seven days.
Altus Director Ben Cocks commented: “We work very closely with the financial services industry to improve its efficiency and deliver better service for its customers. Transfer times have been an ongoing focus since the challenge set by the FCA in 2015. Working with BACS has allowed us to make significant headways towards easier and faster transfers by linking up two transfer services that were up to now totally disconnected. Customers will ultimately benefit from enhanced and easier transfer processes.”