The firm said the platform sharply reduces the total cost of ownership compared with on-premise or managed service software systems.

UK-based TrustQuay, which provides technology for the corporate services, trust and alternative fund administration sector, has launched a software-as-a-service platform called TrustQuay Online.

The offering cuts the complexity, cost and risk of migrating data from legacy sources and ongoing operational system usage, TrustQuay said in a statement. It also reduces risks such as cybersecurity threats by using the infrastructure of Microsoft Dynamics 365 Central Online.

The firm said that the platform sharply reduces the total cost of ownership compared with on-premise or managed service software systems. TrustQuay also said that its research showed that the corporate services and trust administration sector lags behind other areas of financial services, with firms currently ranking themselves just five out of 10 in terms of how far they have progressed on the digitalisation journey. In the meantime, 92 per cent of the industry cites the need to accelerate innovation. 

“This will enable providers to focus on managing their clients' and their own data for regulatory and operational purposes in an increasingly automated and digital basis, leveraging this new SaaS solution to increase margin and drive growth,” Keith Hale, TrustQuay’s executive chairman, said. 

The firm serves more than 460 customers and over 20,000 users in more than 30 jurisdictions. TrustQuay, based in Fleet, Hampshire, has nine offices in Australia, Cyprus, Guernsey, Jersey, Luxembourg, Singapore and the UK.