Wanting to get a better handle on its daily cash positions, Ravenscroft Group has implemented a solution with TreasuryXpress to enable the efficient collection of SWIFT MT940 reports, feeding them straight into Ravenscroft’s in-house trade management system. The TreasuryXpress implementation has also removed 90% of paper-based bank account reconciliation processes, freeing up significant time and resources for more value-added tasks.
Ravenscroft Group (Ravenscroft) is an independently-owned investment services group with offices in Guernsey, Jersey and the UK. Today we employ more than 100 people and have £6.5bn of assets under administration for both private and institutional clients.
As a financial firm, Ravenscroft must adhere to the client money rules described in the UK Financial Conduct Authority’s (FCA’s) Client Assets Sourcebook (CASS) – for client monies in the UK. We also extend those same rules to our operations in Jersey and Guernsey, since this is the direction of travel of regulation, and safety of client monies is paramount.
Our aim as a company is to build the leading Channel Islands-based investment services firm through exceptional customer service, integrity and accountability. To begin our journey towards this goal, we knew we first needed to go back to basics and review our processes – especially around financial flows.