INDOS Financial Limited (“INDOS”), the leading UK independent depositary, has gone live with the second and key phase of the integration of its cloud-based DEPOcheck software.

DEPOcheck provides an integrated workflow management and fund oversight solution for depositary businesses.  DEPOcheck was developed on behalf of INDOS by Centigen Soft.

Phase 1 of the project, completed in late 2016, provided a comprehensive work flow management system to record daily, weekly, monthly and quarterly depositary activity, mapped to the AIFMD depositary requirements, covering hedge funds, private equity and real estate funds.

Phase 2 launched today, involves the release of cash flow monitoring and asset record keeping and verification modules. This includes functionality to process large volumes of complex financial data from multiple industry sources (fund administrators, prime brokers and custodians) with different file formats, for example, to identify significant and unusual financial transactions, bringing such anomalies to the attention of the user for further investigation.

Phase 3 due to be completed in Q1 2018, will involve automation of certain fund net asset value oversight activity, and integrated artificial intelligence features for data analyses.

Bill Prew commented: 

“We initially developed DEPOcheck to address shortcomings in our then existing third party workflow management system. We realised the potential of the system to do much more and set out to extend the system to replace another system we used to automate some of the depositary fund oversight activities our business performs.”

Bill continued “There are no other systems in the market that offer a similar integrated workflow management and automated monitoring solution for depositary businesses.  We believe DEPOcheck will set a new industry standard.”

“DEPOcheck is a much faster and more flexible system than the previous third party systems we used and has already made a material difference to the efficiency of our operations.  After one off investments in the development of the system, INDOS has already benefited from significant financial savings allowing us to focus our resources in other areas of business priority.”