International Private Banking Systems (IPBS), the specialist provider of wealth management software for the private banking sector, today announced that Queensgate, a leading offshore trust company, has implemented a new product from IPBS to better manage Trust invoices and fees.
The product has helped Queensgate improve cash flow by enabling invoices to be produced in a fraction of the time previously required and automatically managed, posted and reconciled within a single system.
Typically, trust companies charge their clients an annual fee for services provided. In addition, there may be other one off adjustments required during the course of the year. These invoices were handled manually by Queensgate which was time consuming to check and manage and prone to risk of error as information needed to be rekeyed from one system to another.
As a forward thinking trust company, Queensgate is constantly seeking to improve its back office and invoice management processes so as to deliver a first class service to its clients. Following a review of potential systems available in the market to allow Queensgate to reduce the administrative burden associated with its trust fees, it quickly realised that working with IPBS, who provide their existing private banking software, offered the best solution.
Melanie Harbron, Client Accountant, Queensgate, said, "After speaking with IPBS about the potential for extending the functionality of the existing IPBS private banking and wealth management system used by the trust, it became clear that this was the most efficient and cost effective route to automating and managing our fee lifecycle. The team at IPBS were highly responsive and we had complete confidence in their ability to deliver what we needed from scoping our requirements, to building, testing and ultimately implementing the new product."
IPBS worked closely with Queensgate to precisely define the workflows and processes required in the invoice and fee lifecycle, as well as developing reports that were tailored to Queensgate's needs. Once the new product had been tested and implemented and the relevant customer data added to the system, it had an immediate impact in improving the speed and accuracy of the fee and bi and billing process. Invoices can now be matched up against the payments within the IPBS system.
Dennis Hunter, Managing Director of Queensgate said, "This sophisticated new product from IPBS has delivered significant benefits, we are able to produce invoices more quickly which in turn leads to better management of our cash flow and a reduction in the amount of outstanding account receivables. As the relevant information is contained within a single integrated system from IPBS we have greater visibility and control of our liquidity and lower operational risk. Thanks to Bruce and the team at IPBS we have automated what was previously a time consuming activity and freed up staff time to be spent on other valuable client relationship projects."
Bruce Raine, Founder and President of IPBS said, "We are constantly seeking to enhance the service we provide our customers and to help them achieve their goals in an ever changing market. By improving the process of managing invoices for their client accounts we are helping Queensgate deliver quality services using a system that is innovative, reliable and efficient."