TrustQuay was honoured to win not one but two categories at the inaugural Wealth Briefing Channel Island Awards this month. Not only that but all eight of the trust category awards were won by TrustQuay customers. Find out more as WealthBriefing's Acclaim magazine sits down for a Q&A with TrustQuay's Keith Hale...
Please explain what you think makes your firm successful in its chosen field?
TrustQuay is a global leader in technology for the corporate services, trust and alternative fund administration industry, offering a functionally rich, scalable and secure front to back-office platform.
We help corporate services, trust and alternative fund administrators to reimagine their processes no matter where they are on their digitalisation pathway. We work with providers to help them consolidate data and systems onto a single digital platform, reduce regulatory burden, increase efficiencies and reduce costs through automation, and differentiate themselves in the market offering digital engagement with their customers.
Serving more than 360 customers with 26,000 users in over 30 jurisdictions, TrustQuay has 11 offices around the world, including Jersey, Guernsey, United Kingdom, Luxembourg, Singapore and Australia.
What are the main contributions you feel you bring to the wealth management industry?
TrustQuay’s proposition is to enable digitalisation of the trust administration, corporate and fund services market (as part of the wider wealth management industry) via modern, scalable, and secure technology. We feel we have made good progress, particularly over the last 3 years, with more than 50 new customers implementing our software, but recognise that there is plenty more for the industry and us to do. For example, in April this year we launched TrustQuay Online, a game-changing new software offering which is the first complete end-to-end cloud-native SaaS platform for corporate services and trust administration providers.
TrustQuay Online is a fully digital entity management, client accounting, general ledger and practice management SaaS platform, enabling providers to meet their corporate and private wealth clients’ regulatory requirements as well as manage their own business in a simple to use, highly automated way at a significantly reduced total cost of ownership.
In October, we incorporated a new fund administration product as part of TrustQuay Online, offering fund service providers a frictionless end-to-end solution from onboarding to lifecycle management.
What does success look like for you – can this be measured in hard numbers, or in qualitative ways, or both?
We measure our success both qualitatively and quantitatively. TrustQuay's vision is to become the technology provider of choice, both globally and in every market in which we operate. Our mission is to help our customers to leverage the power of technology to maximise efficiencies, reduce costs, ensure compliance and drive new revenue opportunities.
In terms of numbers, following investment across our sales, account management and customer relationship functions, in 2021 (our most recent reporting period) recurring revenue sales were 160% higher than the prior year including 18 new logo signings. In 2021, TrustQuay successfully delivered 38 project go-lives, including 10 new implementations, 13 new modules, 3 new sites, 5 migrations and 7 upgrades.
Whom do you look to in terms of ideas and inspiration? What other business sectors do you follow for ideas?
We get a lot of ideas and inspiration from other sectors of financial services and adapt these to the needs of corporate, trust and fund services providers. Onboarding is a good example – we live in an age where challenger banks are now able to prove identity, check addresses and meet KYC and AML requirements in minutes, however this was not happening or possible in our sector.
Working with best of breed ecosystem partners such as RiskScreen and GBG Group, TrustQuay developed and launched the first fully automated and integrated onboarding solution specifically designed and developed for the corporate services and trust administration market, which also includes built-in ID verification. From smartphone ID scan, through to document examination, live face check selfie versus ID document, address checking using APIs to access credit reference agencies and other databases, and risk-based sanctions screening, this new solution provides a full audit trail that meets all KYC and AML obligations.
Photo: Keith Hale at TrustQuay Forum 2022
Ian Peel is Head of Marketing at TrustQuay.