ATEL White Paper: How asset management benefits from better bank connectivity? – Interview with Jonathan Prince
On the occasion of the ATEL Asset Management Conference, which took place on 11 June, ATEL published the guide “Optimization of return on excess liquidities without impacting the counterparty risk”. As part of the white paper, Jonathan Prince, CSO and co-founder of Finologee, gave an interview on why bank connectivity plays an important role in the operations of an asset manager.
Improved bank connectivity offers significant advantages for corporates and various industries, particularly in asset management.
Firstly, it enhances operational efficiency by improving transaction processing and monitoring, reducing errors and saving time spent on manual tasks. For example, bank management platforms such as Finologee’s LYNKS platform, which acts as a single gateway to all banks and accounts, has shown a 30% increase in operational efficiency, according to the Deloitte RegTech Business Case Study 2023 and allows users to organise their time more effectively and focus on strategic tasks.
Secondly, enhanced bank connectivity facilitates superior cash flow management by providing better visibility into all corporate account balances and transactions, enabling accurate financial monitoring and informed decision-making. It also enhances forecasting capabilities, optimising liquidity and reducing the risk of cash shortages.
Thirdly, improved connectivity with banks strengthens compliance and risk management by facilitating accurate, timely financial reporting and better monitoring of regulatory adherence.
Finologee’s LYNKS platform, for example, further benefits its users with FinologeeSIGN, a mobile app that simplifies payment approval processes, enabling employees and/or external signatories to approve transactions securely and efficiently. It offers a high degree of flexibility for the authentication and electronic signing of transactions and the authorisation of counterparties, ensuring that only authorized individuals can execute sensitive financial operations.
Furthermore, LYNKS streamlines daily operations with advanced features such as user management systems, four-eyes principle workflows and user audits, enhancing IT security and compliance requirements. By grouping and tracking payment workflows, it ensures easy monitoring and management of all transactions, reducing errors and delays.
The automation of routine financial processes, such as fee charging and direct debits, saves time and ensures more accurate financial management, which particularly benefits users in the fund industry. LYNKS offers flexible integration with various asset servicing tools, which is crucial for maintaining smooth operations across different systems.
Read the ATEL White Paper (page 11)
