Network communication

At Quay we work with the largest networks and have done in some cases since their formation. We understand the unique challenges of networks and network membership. We understand first hand the inefficiencies commonly suffered and we have developed systems and services that respond to the challenges of operating within a multi-branch, multi-distribution business.

Two key processes can be automated today and can in so doing raise the standards of control, improve member efficiency, and dramatically reduce costs of compliance and commissions management.

Network new business notification

All firms need to know what business has been written and by whom, they need to know unambiguously, they need to know in real time but most rely on a paper based new business notification - and paper can do neither of those things.

Paper can go astray, paper can be part-filled, what’s written on paper can be misinterpreted. What’s more paper is inefficient. Even the most IT equipped member of a network a member of a network who uses back office technology comprehensively has to copy the information onto paper for submission purposes, only then for the network’s own staff to copy the information into their own system (subject to interpreting handwriting).

For networks, there is a simple solution which is a real “win-win”. Instead of paper based forms, electronic forms can be used instead.

Electronic forms (Enforms) can easily be pre-populated from the member firm’s back office system; they are intelligent so users have to complete only the relevant information; they ensure that the new business data captured is fully complete and valid and they can present information to the Network’s own system electronically.

The result for networks and the membership alike is:

• No lost submissions
  
  
• No interpretation of what’s been sold
  
  
• No time lapsed between sale and notification
  
  
• No time wasted.

Electronic commission statements

Automated commission reconciliation adds further efficiency, especially for larger firms and particularly those with large volumes of trail or fund-based renewal commission.

Electronic commission statements are currently available from 24 Product Providers and Quay's technology not only does the job of delivering data in a standard format from all 24, it also does the job of matching expectation to receipt. For networks this can add very considerable value, however much of this value is lost if the electronc, fully reconciled commissions data within the Network's own system is then commuiited back to paper for the purposes of notifying members of their earnings.

Naturally members will want to reconcile their own commissions against their own expectation and also against other earnings such as client fees. To do so, they can receive a Network Commission Cascade, an electrinic commission statement rather than a paper statement.

The advantages to the network of delivering commission statements to the membreship electronically (where there is a compatable back office system in use) is that the system can do the hard work of reconciling expectation and receipt. Just as with the network's own system.

The benefits are:

• Improved efficiency for the member
  
  
• The creation of positive state of dependancy between the network and network member.