In the complex world of fund services, efficiency, security, and seamless collaboration are paramount. Depositaries, custodians, transfer agents, and fund administrators each play vital roles in ensuring the smooth operation of investment funds. But traditional processes, often reliant on manual tasks and paper-based communication, can be time-consuming, error-prone, and leave room for security vulnerabilities.
Enter Circit, a platform designed to modernise the audit confirmation process and bring significant benefits to all corners of the fund services industry. Let's explore how Circit can specifically help each of these key players:
For Depositaries and Custodians: Enhanced Oversight and Asset Verification
Depositaries are the guardians of fund assets, responsible for safeguarding them and ensuring regulatory compliance while Custodians are entrusted with holding and managing financial assets. Circit provides a centralised hub for all asset verification requests, offering a real-time, comprehensive view of the entire process.
Here are some ways in which depositaries and custodians benefit from using Circit:
· Automated workflows reduce manual effort, and AI-powered features streamline the verification of investment valuations.
· Secure in-platform communication fosters better collaboration with auditors.
· Detailed audit trails ensure regulatory compliance and provide evidence of compliance to regulators.
· Rest assured with full compliance with AIFM regulations for asset ownership verification.
· Real-time visibility of client cash positions right up to audit sign-off provides an up-to-date and accurate view of managed assets.
With Circit, depositaries and custodians gain enhanced oversight, improved efficiency, and a more secure way to manage asset confirmations.
For Transfer Agents: Modernising Shareholder Recordkeeping and Communication
Transfer agents are responsible for maintaining accurate records of fund shareholders. Using a centralised, digital platform offers important benefits:
· Enhanced security features safeguard sensitive shareholder data.
· Direct and secure communication with auditors via in-app messaging streamlines query resolution.
· Automation of response creation and built-in templates significantly reduce manual tasks, allowing transfer agents to focus on their core responsibilities.
For Fund Administrators:Automating Confirmations and Improving Collaboration
Fund administrators oversee the overall operations of a fund, including accounting and reporting. Circit offers a central platform to manage all confirmation requests, providing improved organisation and complete visibility.
Key functionalities include:
· Automation of Prepared ByClient (PBC) request lists reduces administrative burden.
· Secure in-platform messaging and real-time status updates enhance collaboration with auditors and clients.
· Real-time tracking and follow-up features ensure timely completion of the audit process. AI capabilities further streamline data entry and exception handling.
The Common Thread: Efficiency,Security, and Collaboration
Across all these vital roles,Circit delivers significant advantages. It boosts efficiency through automation and centralisation, strengthens security with a validated network and secure communication, and fosters better collaboration between all stakeholders involved in the audit process.
In today's evolving fund services landscape, embracing innovative solutions is key to staying competitive and ensuring operational excellence while reducing operational risk. Circit offers a powerful platform to modernise your processes, reduce costs, and enhance collaboration.
Ready to Transform Your Audit Confirmations?
Join the growing number of depositaries, custodians, transfer agents, and fund administrators already streamlining their operations with Circit.
Start now – contact Laura Scanlon, our Director of Fund Services Partnerships.
