Objective

The Wire Instruction Workflow facilitates seamless communication between fund managers and their investors for new information. This eliminates the need for email communications and reduces the security risk when transferring sensitive information between the two parties. Fund managers can track wire instruction requests from multiple investors across their vehicles at scale.

Key Participants

Fund Managers

1. Collect and ensure investors’ wire instructions are up-to-date.
   • Fragmented Requests: Fund managers usually receive wire instructions updates from their investors through email communications. This can happen at any time. Tracking email threads and ensuring all stakeholders stay informed is a time-consuming task.
   • Security Risk: Communicating important information such as wire instructions over email creates a security risk for both investors and fund managers. Bad actors can gain access to investors’ emails, impersonate investors, and send fraud wire instructions. Fund teams have to spend a significant amount of time verifying the information source and the wire instructions.
2. Maintain data across their platforms.
   • Manual Update: Once they have confirmed the new wire instructions, fund teams manually input this information into their downstream systems such as CRM, fund accounting, etc... Errors can occur during the input process.

Investors: Provide new wire instructions to their fund managers.

1. Inform Stakeholders: Investors need to reach out to their fund managers to provide their wire instructions whenever there is a change. There can be multiple contact points at a fund, which makes it hard to define the right person to notice.
2. Email Communication: While a quick email is preferable by investors, it can easily be missed by the fund team. Investors do not have visibility afterward to know fund managers have received their information.

Key Benefits

Secured communication via a form

Investors can initiate a new wire instruction update to fund managers at any time using a single click from their investor portal.

• Ease of access: Fund managers can provide investors with access to the request template on demand. Investors have the flexibility to send a timely update.
• Secured communication: Information is safely shared via Anduin portal, which requires login credentials from both fund managers and investors, to help reduce the risk of exposure.
• Customized logic: Anduin offers flexible validation logics to ensure information is in the correct format and reduce typos from investors.
• Fund selection: Investors can select the fund vehicles for the new wire instruction all at once, eliminating the need to submit multiple requests for each vehicle.

Centralizing request tracking

• Tracking dashboard: Fund managers have one single dashboard to track all update requests from their investors. Fund teams can leverage the same dashboard to collaborate on the review and confirmation process.
• Data Capture & Integration: Fund managers can quickly identify changes by comparing new wire instructions to existing information stored in Investor Data Management. Once the wire instruction has been verified, fund managers can download data using templates or sync data from IDM to their downstream system.

Responsive and transparent process

• Immediate notifications

  Fund managers and their teams receive real-time notifications whenever investors send their wire instruction updates.  Authorized stakeholders can access this new information directly, eliminating the need for any additional forwarding steps.

• Transparent status

  Investors can easily check the status of their submissions on their dashboards, ensuring they know when fund managers have received and confirmed their wire instruction update requests.

How It Works

Workflow Overview

1. Wire Update Form: The fund provides a form template for wire instructions updates.
2. Digitization & Onboarding: Anduin digitizes the template and integrates it into the wire update workflow, allowing the fund manager to manage the process.
3. Generate Shareable Link: Fund teams generate a shareable link to the form. This link can be shared with investors or placed in the investor portal for easy access. Investors can send a request at any time.
4. Review & Tracking: Fund teams will receive a notification immediately after an investor submits the new instruction. Fund managers and admins can review new information and update the downstream system.

Use case example

Investor Experience

1. Investor(s) can access the update request form anytime using a link.
2. Investors provide new wire instructions and choose the applicable funds. Depending on the requirements from the fund, investors may have to sign the new instruction.
3. Once ready, investors can submit the new wire instructions.
4. Review status is visible to investors directly on the dashboard.

Fund Manager Experience

1. Fund managers generate and place the access link on the investor portal.
2. Everytime an investor submits a new wire instruction, fund team members will receive an email notification.
3. Fund managers can review and ask questions about the new instructions on the platform.
4. After the review is completed, fund managers can download the new instructions for updating the downstream system.
5. All wire instructions updates are centralized and trackable on one single dashboard.

Touchpoints & Communication

• Centralized communication: Investors can self-initiate an update request and receive confirmation directly on a secured platform. Fund teams no longer need to track multiple email communications.
• Security enhancement: Investors must verify their identity by logging in before submitting the update request. This reduces the risk of bad actors impersonating investors and creating wire fraud.
• Tracking & Reporting: Fund teams can leverage one single dashboard to track all wire instruction updates across their funds.