Lloyd's has begun to use new computer software to increase the speed of processing transfers and to improve management reporting.
Its members funds department, which handles the funds administration and securities custody on all Lloyd's members and corporate investors, will now use Accurate Software's Bankrec program.
This will allow funds and liquid assets from underwriters to be received as deposited cheques, as well as electronically. Members, managing agents and syndicates can also receive payment by cheque more quickly or through Swift, Chaps and Bacs.
An Accurate Software spokesman. pointed out that sterling, US Dollar and Euro accounts recorded around 300 transactions a day, and daily volumes periodically hit 5,000 in the sterling account.
Therefore, “Lloyd's needed an automated reconciliation solution to improve the speed and accuracy of its management reporting,” he said.
The spokesman said the software enabled the market to analyse business performance, while letting staff create reports.
Bankrec also promised to present data flexibility, quickly and without the need for specialist IT support.
