In any situation where there’s a payable or receivable which doesn’t happen as expected a Claim can result, whether it’s regarding corporate actions, settlements, brokerage, commissions or anything else. For example it’s fact that some 30% of coupons and dividends don’t settle on the contractual Payment date and counterparts require Claims to pay such amounts to the beneficial counterparty.
Managing all these Claims takes time and costs your organisation. A great deal of both, in fact, particularly when you take into account the hidden costs of inter-company Claims, requirement of direct and indirect Operation teams to be involved and carry costs. And we have not even included the external benefits of an efficient process, such as higher Broker rankings (Claim Manager users obtained 5 of the top places for Income Collection in a recent Global Investor / ISF survey), reduced counterparty and operational risk etc.
A large and growing number of Banks have realised just how much this has been costing them. Which is why so many of them are implementing Meritsoft Claims Manager, including just a few days ago another leading North American bank.
The solution goes far beyond Robotic Process Automation (RPA), instead using Intelligent Process Automation (IPA) which: allows feeds to and from any operational systems – we’ve delivered over 150 system interfaces; clear process visualisation and control; flexible client communication options and payment and ledger interfacing. All of which can be implemented within the control of the Operations team, without significant IT input.
Over 50% savings, with wider benefits too
In addition to reducing direct operating costs, Claims Manager reduces risk-weighted assets impact , cost of carry and capital charges, so improving ROE. It reduces client payables, thereby reducing the impact of Client money / Abandoned property & Escheatment / 15c3 requirements. So not surprisingly, it’s widely recognised as a best-in-class solution, estimated to reduce effort needed for a claim by over 50%.
As with all of our solutions, Claims Manager is designed to provide a full audit trail of activity related to the claim. Meritsoft’s Claim Manager also integrates with other market utilities such as EquiLend and Euroclear’s SetClaim service.
Find out the true costs of claims management – and the advantages of Claims Manager
As so many organisations have proved, the Meritsoft Claims Manager solution really can save you a great deal of time and effort, while delivering much wider benefits as well.
For more details, simply email firstname.lastname@example.org or call our sales team in London on +44 20 3865 4641 or in New York on +1 646 926 3748
To help you collate the true costs to your organisation of inefficient claims management, please also ask about our Business Case Calculator.