INTEGRATIONS MAKE TRANFERS COMPLETE SOONER
Remember when completing an in specie transfer in under two months was a relief? Thankfully, those days are becoming a thing of the past. The reduction in time taken is largely due to platforms like Transact integrating with transfer messaging systems such as Calastone, Equisoft, and Origo.
Some current examples include:
- Mrs. Miggins’ in specie electronic ISA transfer from Platform X to Transact completed in 20 working days, compared to the manual 35 days thanks to the Calastone messaging system.
- Mr. Miggins’ ISA and pension cash transfer from Platform Y to Transact completed in under ten working days, facilitated by Calastone for the ISA transfers and Origo for the pension transfer.
- Mrs. Miggins’ Cash ISA transfer from Bank Z to Transact completed in under five working days through PayUK/Equisoft.
How can you help? A very important reason these transfers were successful was because we received accurate data from adviser firms about the clients’ ceding providers and account references. As the saying goes, “good data in leads to good data out, bad data in leads to bad data out.”
At Transact, we are committed to a paper-free instruction process, whether it’s opening a portfolio or wrapper, or requesting the transfer of a GIA, ISA, or pension. We continue to invest significant resources into integrating with other systems to reduce friction, eliminate rekeying, speed up the process, and reduce costs for everyone – ultimately benefiting clients like Mrs. Miggins.
While there are still some points of friction in the transfer world – the FCA, platforms like Transact, and advisers like you are all working together to champion change. This collective effort aims to speed up the process and reduce costs for all clients.
Integrations help to make financial planning easier for you and Mrs Miggins.
1. Introduction
2. TOL Recent Enhancements
3. Smart Search To Help With AML
4. One-Off Pension Lifetime Allowance Statements
5. Integrations Make Transfers Complete Sooner
6. Rising Appeal Of Bonds On Transact
7. Transact – BlackRock: March 2025
8. A Study In Gifting: ‘Periodic Issues’
9. Getting The Most Out Of A Lifetime ISA
10. Maximising Investment Bond Flexibility And The Advantage Of Higher Segmentation
11. Interest On Cash
12. Transact Events 2025