Fennech Financial Ltd signs strategic partnership with Web Connectivity to launch “enabledCash”, uniting the worlds of banking and ACORD Insurance data messaging
The worlds of banking processes and ACORD Insurance data messaging will finally be united under a new initiative launched by Web Connectivity Limited (WCL) in partnership with Fennech Financial’s PaaS Digital Cash Management Platform F3.
By utilising the easy to implement API plug-in to Fennech’s “Banking as a Service” platform, Web Connectivity has been able to extended its Global enabledAccounting service to offer its 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.
Emmanuel de Resseguier, Chairman & CEO 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. Fennech’s F3 platform is specifically designed to allow our partners to easily enhance their own product offerings with our sophisticated range of payment and cash management tools.”
James Willison, Managing Director Web Connectivity, said today, “Electronic accounting has delivered significant benefits through the Rüschlikon 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”.