Web Connectivity signs strategic partnership with Fennech Financial to unite the worlds of ACORD and banking and launch “enabledCash”
Bill Sinn | September 10, 2018
The worlds of ACORD messaging and banking processes will finally be united under a new initiative launched by Web Connectivity Limited (WCL) in partnership with Fennech Financial’s SaaS Digital Cash Management Platform.
Web Connectivity have extended their Global enabledAccounting service, by plugging into Fennech’s “Banking as a Service” platform and are now able to offer their clients a new module:enabledCash.
enabledCash links transactional data held in an ACORD message with the standard Bank Statement data formats to provide an enhanced electronic bank statement that details cash at a transactional level, ensuring accurate cash reconciliation within ledgers and supporting the automation of cash matching. The service will enhance cash management capabilities, reinforce regulatory and compliance controls and remove highly labour intensive tasks for both the Broker and (Re)Insurer, and ultimately will lead to straight-through-processing of cash.
James Willison, Managing Director Web Connectivity, said today, “Electronic accounting has delivered significant benefits through the Ruschlikon initiative in recent years and formalising the link between ACORD messages and Bank accounts is a natural evolution. Digitally enabling our clients is a key aim of WCL and our partnership with Fennech Financial further enhances our capabilities”.
Emmanuel de Resseguier, CEO & Founder of Fennech Financial Ltd, added, “We are delighted to work with WCL, as the combination of our respective offers will bring significant benefits and cost savings to Insurers and Reinsurers globally with very little implementation work”.
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