GlobeOp Financial Services (LSE:GO.) has made it faster and easier for fund managers to authorise cash wire payments from multiple bank accounts, through the use of digitally signed emails sent from desktop computers or mobile devices.
“Electronically verified digital signatures are another operational process improvement that saves time, is easy to use, and increases both productivity and controls,” said Richard Atkinson, managing director of development, GlobeOp Financial Services. “Fund managers are now able to authorise wire payments by email either in the office or from mobile devices. Their digitally signed email triggers a validation process within GlobeOp’s systems against the authority certificate for the fund or managed account. Eliminating paperwork also strengthens controls, as the risk of unauthorised manual signatures is removed.”
Digitally signed cash wire emails are the latest enhancement in GlobeOp’s continuing automation of manual processes and authorisation controls.
The recent AIMA guide to institutional investor views on hedge fund operational infrastructures highlights controls over the cash process as “one of the most fundamental and important functions at every hedge fund”. GlobeOp’s latest service enhancement supports the guide’s recommended best practices of segregated responsibility, approval limits, multiple approval levels and a fully electronic process with automated validation of authorised signers.
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