Money
Transact adopts electronic Cash Isa transfer service
Transact has become the first intermediary platform to adopt an electronic Cash Isa transfer service via Pay.UK (BACS) and Equisoft.
This simplifies the transfer process by enabling seamless information exchanges between Transact, banks and building societies, removing the need for paper-based transfers.
Previously, transferring a Cash Isa required sending paper instructions to banks, locating processing teams and manually completing the steps.
With this new service, clients no longer need to wait for cheques, and funds can settle in their accounts faster. The system ensures secure, reliable transfers, adhering to best practices and industry regulations.
Seventy-two leading banks and building societies are now using the service, which automates Cash Isa transfers, including Junior Isas. This is expected to significantly reduce transfer times across the industry.
For example, Transact’s cash/electronic transfers now take an average of nine days, compared to 42 days for manual or in specie transfers.
Transact’s recent survey reveals that 90% of financial advisers support electronic messaging to speed up transfer times, urging regulators to encourage wider adoption by legacy providers.
The platform has seen year-on-year improvements in transfer services, including the creation of regional transfer specialists, the introduction of an online transfer tracker and enhancements to the online transfer application process.
Tom Dunbar, chief development officer at Transact, said: “We are obsessed with trying to improve transfers and this latest development links our commitment to improve transfer times with our digitalisation programme.
“We expect thousands of cash Isa transfers onto Transact to benefit from this new, faster service each year.
“We remain committed to personal service but where automation or integrations can speed up processes, we are keen to adopt new solutions.”
The amount of money invested into Cash Isas in the last tax year increased by 50% compared to 2022-2023.
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