{"id":148073,"date":"2021-10-11T17:53:33","date_gmt":"2021-10-11T21:53:33","guid":{"rendered":"https:\/\/qa.bluevaultpartners.com\/?p=148073"},"modified":"2022-01-04T17:06:35","modified_gmt":"2022-01-04T22:06:35","slug":"umb-fund-services-launches-automated-ocr-subscription-and-tender-processing-for-registered-closed-end-funds","status":"publish","type":"post","link":"https:\/\/qa.bluevaultpartners.com\/umb-fund-services-launches-automated-ocr-subscription-and-tender-processing-for-registered-closed-end-funds\/","title":{"rendered":"UMB Fund Services Launches Automated OCR Subscription and Tender Processing for Registered Closed-End Funds"},"content":{"rendered":"<h1>UMB Fund Services Launches Automated OCR Subscription and Tender Processing for Registered Closed-End Funds<\/h1>\n<p>October 11, 2021 | UMB Fund Services<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-31937\" src=\"https:\/\/qa.bluevaultpartners.com\/wp-content\/uploads\/2020\/05\/UMB-600x200-1-300x100.png\" alt=\"\" width=\"300\" height=\"100\" srcset=\"https:\/\/qa.bluevaultpartners.com\/wp-content\/uploads\/2020\/05\/UMB-600x200-1-300x100.png 300w, https:\/\/qa.bluevaultpartners.com\/wp-content\/uploads\/2020\/05\/UMB-600x200-1.png 600w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/p>\n<p>UMB Fund Services (UMBFS), a subsidiary of UMB Financial Corporation (Nasdaq: UMBF), today announces the launch of its automated optical character recognition (OCR) processing program. The technology enables faster, more accurate processing of handwritten subscription and tender documents by replacing manual reviews with OCR software and bot technology, turning what previously amounted to hundreds of hours of manual processing into a 24-hour automated service.<\/p>\n<p>The program creates a standard process for all client documents, whether received in paper, email, fax or data files, allowing UMBFS to handle high volume, short period spikes for tenders or product closings\u2014a critical solution that has historically been a challenge for service providers.<\/p>\n<p>\u201cThe launch of our OCR processing program is the latest commitment by UMB Fund Services to invest in technology that enhances our client service,\u201d said Mike Huisman, senior vice president, director of transfer agency, UMB Fund Services. \u201cOCR processing supports UMB Fund Services\u2019 sustained growth and further sets us ahead of other processors in the registered closed-end space.\u201d<\/p>\n<p>OCR processing is currently being implemented for every existing UMBFS client and is available to all new clients as part of the onboarding process.<\/p>\n<p>This announcement follows UMBFS\u2019 recent selection by Alternative Fund Advisors to provide transfer agency, fund accounting, tax reporting and fund administration on its AFA Multi-Manager Credit Fund. UMBFS has also recently been named administrator for Hamilton Lane\u2019s registered and private funds, as well as Bow River\u2019s Evergreen Fund following its conversion from a private equity to a registered closed-end interval fund.<\/p>\n<p>UMBFS was named Best Interval Fund Administrator in the 2021 Fund Intelligence Operations and Services Awards. In 2020, the Mutual Fund Service Guide ranked UMBFS as the top transfer agency for U.S. registered closed-end funds based on the number of accounts serviced. Private Equity Wire also recognized UMBFS in 2020 as Best Fund Administrator\u2013Technology.<\/p>\n<p>UMB Fund Services is a subsidiary of UMB Financial Corporation, offering a complete line of products and services to the fund industry, including fund administration, fund accounting, tax, investor services and transfer agency, distribution<sup>*<\/sup> and custody<sup>*<\/sup>.<\/p>\n<p><span style=\"font-size: 10pt;\"><strong>About UMB<\/strong><\/span>:<\/p>\n<p><span style=\"font-size: 10pt;\">UMB Financial Corporation (Nasdaq: UMBF) is a financial services company headquartered in Kansas City, Missouri. UMB offers commercial banking, which includes comprehensive deposit, lending and investment services, personal banking, which includes wealth management and financial planning services, and institutional banking, which includes asset servicing, corporate trust solutions, investment banking, and healthcare services. UMB operates branches throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, and serves business and institutional clients nationwide. For more information, visit <a href=\"http:\/\/UMB.com\" target=\"_blank\" rel=\"noopener\">UMB.com<\/a>, UMB Blog, UMB Facebook and UMB LinkedIn, or follow us on Twitter at @UMBBank. For information about UMB\u2019s operations, approach and relief measures during the COVID-19 pandemic, please visit <a href=\"http:\/\/more.umb.com\/coronavirus\/\" target=\"_blank\" rel=\"noopener\">more.umb.com\/coronavirus\/<\/a>.<\/span><\/p>\n<p><span style=\"font-size: 8pt;\"><sup>*<\/sup>Services provided by UMB Distribution Services, LLC and UMB Bank, n.a.<\/span><\/p>\n<div style=\"clear:both;\"><\/div>","protected":false},"excerpt":{"rendered":"<p>UMB Fund Services Launches Automated OCR Subscription and Tender Processing for Registered Closed-End Funds October 11, 2021 | UMB Fund Services UMB Fund Services (UMBFS), a subsidiary of UMB Financial &hellip; <\/p>\n<p><a href=\"https:\/\/qa.bluevaultpartners.com\/umb-fund-services-launches-automated-ocr-subscription-and-tender-processing-for-registered-closed-end-funds\/\" class=\"read-more\">Read more<\/a><\/p>\n","protected":false},"author":3464,"featured_media":30554,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[2742,2741,2734],"tags":[],"class_list":["post-148073","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-service-provider-news","category-service-providers","category-umb"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.4 - 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