UMB Financial Partners with Corastone to Innovate Alternative Investment Operations

UMB Financial (UMBF) announces a significant advancement in its operations through a partnership with Corastone, positioning itself at the forefront of technological innovation in the alternative investment sector. As part of this strategic collaboration, UMB Fund Services, Inc. (UMBFS), a subsidiary of UMB Financial, becomes the first client to adopt Corastone's private, permissioned distributed ledger technology (DLT) network. This breakthrough is designed to overhaul the conventional manual, document-driven workflows that dominate subscription and lifecycle operations in alternative investments, paving the way for enhanced efficiency and accuracy across the board.

Streamlining Operations with DLT

The integration of Corastone’s DLT network marks a paradigm shift for UMBFS and its clients, including notable firms like StepStone Group. By transitioning to a standardized data protocol, the partnership facilitates real-time exchanges of investor and transaction data, significantly minimizing the reliance on manual reconciliation processes. Brittany Haiser, Director of Transfer Agency Operations at UMB Fund Services, highlights the commitment to leveraging technology that not only improves operational efficiency but also enhances transparency and scalability in the complex world of alternative investments.

A Commitment to Innovation

In joining forces with Corastone and incorporating the additional support from Envision Financial Systems for recordkeeping, UMBFS demonstrates a proactive approach to overcoming the challenges faced in the fund servicing landscape. The initiative promises to streamline communication among market participants, ensuring an improved client experience through high-quality data management and automation. As the alternative investment sector evolves, this partnership affirms UMB Financial's dedication to staying ahead of industry trends and enhancing service delivery for its clients.

Looking Ahead

The collaboration reflects a growing inclination within UMB Financial to bolster its technological framework, ensuring that it remains competitive in a rapidly changing market. This commitment not only positions the company for future growth but also reaffirms its role as a leader in innovative financial solutions, meeting the demands of an increasingly digitized investment environment. As UMBFS embraces this transformation, the focus remains on enabling better client outcomes and operational excellence, vital components for success in today’s financial landscape.