Scaling banking for global asset servicing

Before Cobase, Mount Street’s teams interacted directly with multiple banking platforms across different jurisdictions. At a smaller scale, individual bank portals and processes can be manageable. But in Mount Street’s case, banking sits within a much broader servicing operation in which thousands of accounts and tens of thousands of payments need to be managed reliably on behalf of clients.

Ciarán Dennehy, Global Head of Loan Administration at Mount Street, explains: “Given the scale of our operation and the number of accounts we manage globally, that meant working across different portals, reporting formats and processes. It worked, but it was complex and, being a business that focuses on delivering integrated and seamless solutions for our clients, we knew there was a better way to create a more connected and scalable operating model.”

The objective was therefore broader than simplifying treasury administration. Mount Street wanted its banking infrastructure to better support the way it services assets and clients. That meant bringing greater consistency to banking activity across jurisdictions, improving access to information and creating an operating model capable of supporting further growth.

Cobase stood out because it could bring Mount Street’s multiple banking relationships together through a single platform while retaining the controls and governance required within the business. Crucially, Mount Street saw the platform as part of its wider servicing infrastructure rather than as a standalone treasury application.

“For us, it wasn’t just a treasury tool,” says Dennehy. “It was something that could integrate into our wider servicing ecosystem and help us deliver a better service to clients.”

That distinction is particularly important for a business such as Mount Street. As new mandates are won, the servicing requirements around them can include additional bank accounts, banking relationships and complex structures. The efficiency with which those elements can be incorporated into the operating model therefore has a direct bearing on Mount Street’s ability to support its clients and scale its business.

Implementation was approached in phases, with Treasury, Finance, Loan Administration and Technology working closely together. This enabled Mount Street to build confidence in the platform, test integrations and make sure Cobase was implemented in a way that supported how the firm operates globally.

The way Cobase worked with Mount Street was also important. Dennehy describes the collaboration as “very positive”, with the Cobase team being “responsive, knowledgeable and solutions-focused throughout the process.”

“What stood out was their willingness to understand our business and work with us to find practical solutions rather than applying a one-size-fits-all approach,” he says.

Since going live, Mount Street has seen improvements in efficiency, visibility and control. Teams have easier access to banking information, payment processing has become more streamlined and the business has established a more consistent operating model across different regions.

One of the clearest examples is the onboarding of new bank accounts and banking relationships. As Mount Street wins new mandates and supports increasingly complex structures, centralising banking connectivity and information through Cobase helps prevent each new relationship from adding another separate layer of operational complexity.

Instead, teams can access information more quickly and bring that data into Mount Street’s wider servicing and reporting environment. That changes more than the banking process itself: it reduces time spent on administration and allows teams to dedicate more attention to the clients and assets they service.

As Dennehy explains: “It allows us to access information more quickly and integrate that data into our wider servicing and reporting environment, meaning that we have more time to dedicate to giving our clients the service they’re looking for, rather than spending longer on onboarding admin.”

The move to a common banking environment has also improved transparency across the organisation. Treasury, Finance, Loan Administration and teams in different jurisdictions can work from the same information, rather than relying on different banking environments and processes.

“One of the biggest benefits is that everybody is working from the same information,” says Dennehy. “Whether it’s Treasury, Finance, Loan Administration or teams operating in different jurisdictions, having that consistency improves visibility, communication and collaboration. For a global business like Mount Street, that’s extremely valuable.”

For Mount Street, the longer-term value lies in having banking infrastructure that can develop alongside the business. Rather than addressing an isolated operational issue, the company has created a more connected foundation for managing the complex cashflows, banking relationships and payment processes that form part of its servicing activities.

Dennehy sees that ability to support the future business as central to the decision: “I’d say think about where you want your business to be in three to five years rather than simply solving today’s problem. For us, Cobase wasn’t just about replacing existing banking processes. It was about integrating a platform that could support our business strategy and growth ambitions, as well as improve visibility, strengthen controls and enhance the service we deliver to clients.”