UMB Fund Services, a subsidiary of UMB Financial Corporation (Nasdaq: UMBF), has launched an automated optical character recognition processing program.
According to UMB, “the technology enables faster, more accurate processing of handwritten subscription and tender documents by replacing manual reviews with [optical character recognition] software and bot technology, turning what previously amounted to hundreds of hours of manual processing into a 24-hour automated service.”
UMB claims that the program creates a standard process for client documents, whether received in paper, email, fax or data files, allowing it to handle high volume, short period spikes for tenders or product closings.
OCR processing is currently being implemented for existing clients and is available to new clients as part of the onboarding process.
UMB Fund Services was recently selected by Alternative Fund Advisors to provide transfer agency, fund accounting, tax reporting and fund administration on its AFA Multi-Manager Credit Fund. The company was also 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.
UMB Fund Services offers fund administration, fund accounting, tax, investor services and transfer agency, distribution and custody.