Kingfield has developed a shared common case management application for Income Collection Claims and is in the development stage for a similar technology system for Tax Reclaims (including Relief at Source/Tax Voucher) processes.
Both solutions have been designed to standardize operational messaging and workflow across clients, counterparties and their respective agent banks through one dedicated and secure network environment.
Using constructive feedback from a working group consisting of the largest global and sub custody banks, prime brokers and many of the largest global investment management firms, Kingfield has created an operational platform that is tailored to the needs of the financial industry.
Income Collection Claims involve the recovery of dividends, interest P&I and other types of remittances on security instruments that are contractually owed to an asset owner but have been paid to another institution. Transactional activity over record date such as failed trades, security lending and interim trading are the main drivers behind these claims. To cure the non-payment, an Income Collection Team will prepare and send a formal claim to the counterparty and thereafter work through the lifecycle of this operations process. After receiving the appropriate funds, the claimant will close the claim and archive the supporting documents. Currently, much of this functional process is carried out via email, which leads to delayed and overlooked claims, unanswered correspondence and inefficient communication between the respective counterparties.
Kingfield provides a solution for this problem with its common case management platform, which allows banks, brokers and clients to follow the claims life cycle process through one shared operating environment. By creating one unique shared record of a claim, Kingfield allows for greater transparency and clarity for counterparties and clients to see the real-time status of their income claims. The Income Collection Claims process becomes completely digitized. Claims are processed through the entire lifecycle in one central platform, improving controls, workflow efficiencies, accountability and auditing, in turn eliminating many bespoke and manual tracking systems.
The Kingfield platform has highly customizable reporting features which allow for effective and informed exposure tracking. Clients can identify and consolidate high-profile risk items through the escalation process and dashboard reporting, mitigating risk and increasing control. With its standardized directories, templates and workflows across multiple financial institutions, Kingfield enhances the control environment between participants and reduces operating risk within the claims arena.
The Tax Reclaim process involves the recovery of the foreign tax withheld on dividend and interest payments on behalf of the service provider’s client. Kingfield is developing a platform that provides the full functionality necessary to support this operational activity throughout the entire lifecycle. This solution will enable users to effectively interact in a secure and dedicated environment with the relevant market participants. The relevant parties include global custodians, asset managers/owners, sub custodians, third-party tax vendors and other associated industry participants. The goal is to deliver a common tax reclaim system utilized by the majority of the financial industry.