ARN Innovation Awards
- 9 March 2018 09:49
FUND.ID regtech transforms the client processing system for fund managers
Financial services innovator Global Merces is rolling out Australia’s latest innovative regtech solution to automate the online processing of managed fund applications.
FUND.ID is one the industry’s most robust end-to-end investor application system available for investors and fund managers. The FUND.ID regtech replaces paper application forms, wet signatures and a complex and complicated fund application system.
Its Straight Through Processing capabilities are able to certify the identity of an investor and support the online completion of a fund application process in under five minutes.
Founder and CEO of Global Merces, Holly Grofski said: “Client processing systems are ripe for innovation. As a fund manager and administrator, we have a deep understanding of the friction point for onboarding investors into a fund. Innovating regtech such as FUND.ID will help investors adopt an anywhere, anytime approach to building their wealth.”
Following years of development and substantial testing here in Australia, FUND.ID is available for fund clients for a fixed price of $50 over the lifetime of the client.
Grofski continued: “We estimate we have shaved 50 to 75 percent of the costs of a manual fund application process by integrating regtech and agility to streamline one of the most resented aspects of joining a fund. It is also a costly friction point for fund managers. We know from our insights into the process investors find it frustrating and time consuming.”
FUND.ID provides a link to investors from a desktop or mobile location, certifying their identification online against government issued databases. When used in conjunction with Global Merces Fund Administration Service no wet signature is required. A secure 4-digit PIN allows investors to sign documents in a banking-level encrypted environment. If the client fails to complete the application process they are contacted by our fund administration team to provide personal details to close any gaps.
If a client fails to complete an application form, they receive an automated reminder within 24 hours.
The first external client to implement FUND.ID is CoVESTA, a fractional property investment platform where you can invest in any available property, in any asset type, anywhere in Australia.
About Global Merces
Global Merces is one of Australia’s innovative asset management firms and a premier provider of funds management, investment management, and fund advisory services to industry peers, family offices and retail clients across the Asia-Pacific region. www.globalmerces.com.au