Many times, the process leading to the approval of payments in pensions, whether for monthly payments or lump-sum, are predominately manual or based on siloed legacy systems. This leads to processes that are inefficient, expensive to run and risk-laden, leading to potential errors and related reputational damage, missed deadlines, and issues that may arise from a lack of compliance visibility.
The pitfalls involved are directly the result of processes that include multiple touchpoints, and the array of decisions that would need to be made at every one of these points. This is also compounded by the complex reporting requirements and the stringent compliance required from private pensions regulators.
The Trident suite provides a number of solutions that could bring significant improvements and cost reductions to such processes within the organisation.
Sitting in between your internal application/s and the banks, our tools provide the necessary workflows and approval ‘gates’ required to automate this process.