Gresham Computing plc, a leading provider of transaction control solutions, announces that it is implementing the Barclays Integrated Funds Solution (IFS) client money management solution for BARCO, a new service owned and operated by The Bar Council, which represents barristers in England and Wales. BARCO has been set up to provide an escrow service to receive funds from clients which are required in relation to on-going legal services for legal fees, alternative dispute resolution costs, disbursements and settlements.
Gresham has extensive expertise in implementing client money management solutions and provides this service on behalf of a number of banks. All funds received by BARCO will remain in pooled segregated bank accounts for the term of the legal services and Barclays Bank has been engaged by BARCO to implement the Barclays Integrated Funds Solution and a safe, segregated account. Gresham is implementing the solution at BARCO which will help BARCO manage individual client funds in an efficient and effective way. The solution eliminates the need for re-keying and other high-cost, manually-intensive operations while increasing overall control so that BARCO can manage cash balances and transactions in a robust and compliant manner.
“We are confident that BARCO offers a pioneering and unique solution for clients all over the world. It will make it easier than ever before to work with the Bar, whilst maintaining the Bar's high quality and cost effective services. BARCO needs to operate as smoothly and unobtrusively as possible, and we believe that we have developed the right model to meet our aims,” comments Paul Mosson, Director of BARCO.
“Gresham’s Clareti Virtual Bank Account solution forms the backbone of the Barclays IFS cash management solution which will allow BARCO to facilitate the financial relationship between the Bar and its clients in an effective and efficient manner in real-time, not only in the UK but worldwide,” said Chris Errington, CEO, Gresham Computing. “We already provide similar services to a number of large corporates via their banking partners and are delighted to now count The Bar Council’s BARCO service among them.”