From the point of invocation or when insolvency is triggered, to having full control of the loan portfolio, systems and processes, and being in a position to service existing customers, a hot step-in will take just 30 days. By adopting a technology led approach and working to integrate the lender’s systems with the standby servicer, it means the transfer of data is significantly faster, as well as more efficient and cost effective.
Manually carrying out the same process with tapes; extracting data and then migrating it onto the standby services own systems, cannot be done in the same amount of time. A hot standby also means the amount of time needed before the service can go live is significantly reduced. A hot standby provides a seamless recovery for clients while also complying with FCA regulations.
By working closely with the lender from the start and staying in regular communication with them, a hot standby builds a strong foundation of trust between all parties.
“The technology, communication, speed of delivery and continuity of service means hot standby will become the industry norm,” said Will Ellis, Sales Manager at Equiniti Credit Services. “Those companies benefitting from it now will find themselves ahead of the competition who are slow to innovate.”