FSA regulatory compliance consultancy, RWA Group, has selected an automated Direct Debit system from pioneering developer of electronic payment solutions, Albany Software.
As the organisation faces rapid growth and an influx of new clients, RWA is looking to streamline back-office processes and take control of monthly collections.
By replacing paper-based banker's orders with electronic Direct Debit (DD) collections, RWA aims to accelerate initial contract procedures and minimise the delays associated with paper-based payment methods.
RWA Group offers FSA regulatory compliance support services to firms of all sizes. The consultancy has helped hundreds of brokers in preparing to be regulated and continually keeping them abreast of the latest developments in the regulatory area. Having recently won a substantial contract with a leading insurance firm, RWA Group is enjoying significant growth and a healthy incursion of new clients.
Ian Ritchie, Managing Director at RWA Group, comments, "With the business rapidly expanding we realise that we need to ensure that our back-office processes are able to cope and work effectively to minimise, as much as possible, the administrative burden associated with an expanding business. For a while, we have wanted to move away from traditional and cumbersome paper-based methods of collecting payments to a more modern and automated approach."
Ritchie continues, "In the past we have been unable to be a DD originator due to the regulations only permitting DD capabilities to larger organisations. As we continue to become a more sizeable organisation we have been approved by the bank to regularly collect payments from our customers via Direct Debits. Since being given this approval, we have been looking for a Direct Debit solution that would meet the needs of our organisation now - as an SME and into the future."
Ritchie adds, "Albany's software fitted the bill perfectly. They have illustrated to us how they have the breadth of industry knowledge and experience to provide solutions for an SME business right up to Enterprise level. The company is continuing to support us as we take on new responsibilities in the payments arena and are ensuring that we are ready to go-live with the solution in the early part of 2011 to comply with the VAT rise."
For RWA Group, paper-based methods required both time and resource - a luxury that is becoming scarce as the organisation grows. Ritchie concludes, "We want to ensure that we future-proof our business by installing technology that can evolve with our growth. The Albany Software Direct Debit solution will provide us with a tool to automate payment collections for new and existing customers. Once installed, we hope that the solution will release time in the back-office to other tasks, give us greater control over payments and streamline the process for both RWA and our customers."