Asset managers are learning valuable lessons in remote working and continuity planning as they continue to face the challenges brought forth by COVID-19. Many firms are adapting as they go, identifying gaps and developing new needs, which has pushed technology providers to further innovate to meet these evolving needs.
When entire workforces were sent home at the beginning of March, many operations and technology-focused personnel found themselves switching from terminals and large-scale desktops to laptops and mobile devices. This transition has presented a growing demand for operations-based applications and solutions to meet the “access anywhere, anytime” needs of its workforce. Mobility, accessibility and automation are now essential in empowering remote teams to continue driving success and efficiency in this new environment.
With this need, many firms are turning to digital-first providers, like us, to solve their accessibility issues through innovation, which has spawned our latest enhancement to IVP Cash Master with a new mobile application. In a traditional work environment, cash management often requires hedge funds and other asset managers to generate payments manually through banking portals or paper-based wire management processes. This is both time-consuming and error-prone because users must track down, map, input and verify banking details for every beneficiary, custodian and intermediary account for every wire payment.
Through our new secure and seamless mobile application, we have transformed the time-critical and information-sensitive task of wire payment approvals. The application enables users to quickly check all details of their wire payment such as instruction detail overview and attached supporting documents to assist in seamlessly approving payments on the go. The application not only enhances productivity but also reduces payment delays by a considerable amount, ensuring critical business continuity.