UMB Fund Services (UMBFS), a subsidiary of UMB Financial Corporation UMBF), has launched an automated optical character recognition (OCR) processing programme.
The technology enables faster, more accurate processing of handwritten subscription and tender documents by replacing manual reviews with OCR software and bot technology, turning what previously amounted to hundreds of hours of manual processing into a 24-hour automated service.
The programme creates a standard process for all client documents, whether received in paper, email, fax or data files, allowing UMBFS to handle high volume, short period spikes for tenders or product closings – a critical solution that has historically been a challenge for service providers.
“The launch of our OCR processing program is the latest commitment by UMB Fund Services to invest in technology that enhances our client service,” says Mike Huisman, senior vice president, director of transfer agency, UMB Fund Services. “OCR processing supports UMB Fund Services’ sustained growth and further sets us ahead of other processors in the registered closed-end space.”
OCR processing is currently being implemented for every existing UMBFS client and is available to all new clients as part of the onboarding process.
This announcement follows UMBFS’ recent selection by Alternative Fund Advisors to provide transfer agency, fund accounting, tax reporting and fund administration on its AFA Multi-Manager Credit Fund. UMBFS has also recently been named administrator for Hamilton Lane’s registered and private funds, as well as Bow River’s Evergreen Fund following its conversion from a private equity to a registered closed-end interval fund.
