Bahamas, New York and London, 19th April, 2005 â International Private Banking Systems, (IPBS) the specialist provider of wealth management software for the trust and private banking sector, today announced it will showcase its Trust Administration and Compliance Management offering at the STEP Caribbean conference being held in Miami, 9 to 11 May.
Trust Administration and Compliance Management was the first of the IPBS .NET modules to be developed as part of the companyâs product strategy to move the entire IPBS product suite to this cutting edge platform.
Damien Wilkenson, Development Manager at IPBS says âThe Microsoft .NET framework provides a magnificent business tool for managing the highly complex structures frequently found in Trusts, Estates and Foundations.â
Trusts in particular, may incorporate a large number of individuals or organizations and often complex relationships between these parties that all contribute to, or fulfill, a role in the Trust mandate. These roles range from the Trust Settlor at the head, one or more Trustees that may be people or organizations, Emergency Trustees that may embody a similar range of people or organizations, Trust Protectorâs etc., and then an entire range of beneficiaries, some of whom will have varying interests in the Trust or Estate.
An excellent example of the complexity follows. A spouse (or in some cases spouses) may have a lifetime interest in the income from the trust and children and other persons may share that interest or be relegated to and have only an interest in the capital of the trust. It is said that a picture is better than a thousand words, and .NET has allowed us to give the end user Trust Administrator a complete view of the trust hierarchy in a very user friendly, Windows Explorer like environment. Using a series of drill downs one can begin at the top of the trust structure and visually open up not only the many relationships that have been created, but also the personal or corporate details of the people or organizations that fulfill these roles. Scanned documents (e.g. Trust Deed, Last Will and Testament, Trust appointment), may also be catalogued in these views and opened with a simple mouse click.
The days of requesting hard copy files from a central filing room are gone, and the added benefits of such electronic document sharing are that administrators can share such documents not only within the bricks and mortar of the office but also from any other place in the world with an Internet connection.
Bruce Raine, Founder and Managing Director of IPBS adds "The IPBS Trust Administration and Compliance Management module is a "hand in glove" functional relationship, as modern KYC / AML compliance requires that each of the people or entities connected with a Trust or Estate or indeed a Company or Foundation must be assessed against the organizations client risk criteria. It is also crucial to know that these persons or organizations have a clean bill of health in the world community and we have partnered with one of the leading watch list providers World Compliance to offer an integrated in-house solution for monitoring both clients and related parties on an automated basis. The lack of such relationship connectivity and systematic data scrubbing recently led some very large financial institutions to being fined substantial penalties for maintaining a labyrinthine network of trusts and companies created by the former Chilean Dictator Augusto Pinochet."
The recent appointment of Kyle Baley, an expert in .NET and ASP development, has brought additional skilled resources to the IPBS team and he plays a key role in the program of migrating existing IPBS users to the .NET platform. The rollout of the entire IPBS product suite on the .NET platform remains on schedule for general availability by mid-2005.
Mr Raine further comments: "We are delighted with the progress of our .NET strategy team and our clients, across the globe, can now manage multiple remote user access to their systems confident that their investment is justified. The .NET technology is perfect for private banking IT environments and we are delighted to be able to demonstrate solutions that make us leaders in the wealth management software market".