Capital Treasury Services on the Isle of Man recently launched Bridge, their new online cash investment and payment service – tailored expressly to the needs of their clients holding a Capital Liquidity Account.
Since becoming one of the IOM’s first international investment services providers to be licensed by the Financial Services Commission to conduct payment service business they developed Bridge, an internet payment and cash management system. Designed to complement their existing suite of treasury solutions and being solely internet-based, this new offering bridges the gap between cash-based investment accounts and the requirement to pay balances away, anywhere in the world, quickly, cost-effectively and efficiently.
The aptly named Bridge allows Capital Liquidity Account holders to manage their funds online. At the heart of the system is a facility providing client’s access to domestic payment mechanisms in foreign jurisdictions, thereby eliminating the need for third-party clearing house intervention.
The technology at the heart of the solution is vBanking a virtual banking system developed by International Financial Systems (iFinancial), London and sold and supported on the island by Skanco. Treasury services manager Craig Dalton project managed the evolution of the vBanking into a tailored solution that exactly meets the needs of CTS and its customers. He engaged with existing clients and facilitated successful client trials which resulted in extremely positive feedback creating a completely flexible and intuitive system. Dalton said “In today’s global economy, organisations need to be financially agile and responsive – wherever their business takes them – Bridge helps make this possible by enabling businesses to access and control cash quickly and efficiently around the world. Our specialist team works closely with them to develop a secure, cost-effective solution to satisfy their overseas investment and payment needs.”
Terry Day, Managing Director of iFinancial said “Whilst we are better known for our core banking and anti-money laundering solutions corporate cash management and virtual banking is a rapidly growing part of our business. Bridge has been a demanding project but has also a very rewarding one when you see it working, and integrating, seamlessly, into CTS’s existing infrastructure. This success is in no small part due to the dedication of Craig and his team. We welcome CTS as a customer and look forward to further customers on the Isle of Man.”