Verso Financial Services currently has approximately R 17 billion in assets under administration using its own state-of-the-art, client-oriented fund administration system, developed in South Africa for the South African retirement fund environment.
The system was developed on a workflow basis, with every administrative function activating a task/action on the system. These tasks/actions are linked to the turnaround times specified in our Service Level Agreement (SLA) with each client, and any task/action which exceeds the required turnaround time is immediately escalated to line management for resolution.
Employers can track the progress of all claims through our web interface, minimising additional administrative overhead.
The accounting function is performed via Accpac, which is fully integrated with the administration system ensuring minimal manual intervention. Regular cash flow reports are automatically generated by the system and are provided, as a standard service, to each client.