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Asset Management Payroll Transition
Payroll Managed Services
Conducting Vendor Transition and Historical Data Migration for a Global Asset and Investment Company
Seamlessly transitioning payroll operations for a major UK-based international savings and investment company managing over £352+ billion in assets for 5.5 million retail customers, despite limited vendor support and incomplete documentation.
£352+ Billion
Assets Under Management
5.5 Million
Retail Customers Served
2 Cycles
Parallel Payroll Validation Runs
Seamless Migration
Restored Confidence
Historical Access
Bank Automation
The Financial Services Landscape
The financial services sector operates under intense regulatory scrutiny, managing complex employee structures across multiple jurisdictions with strict compliance requirements.
Asset management firms face unique payroll challenges: variable compensation structures tied to fund performance, regulatory reporting obligations for each market, and the need for complete historical audit trails to satisfy financial authorities.
When transitioning payroll vendors, these organizations cannot afford disruption. Every payroll cycle must maintain perfect accuracy while preserving years of historical data for compliance audits and employee queries.
Critical
Regulatory Compliance Requirements
Zero
Tolerance for Payroll Errors
Multi-Year
Historical Data Retention Mandate
Complex
Variable Compensation Models
Industry-Specific Challenges
Regulatory Complexity
Financial institutions must maintain payroll records meeting FCA, tax authority, and pension regulator requirements with complete audit trails.
Performance-Based Pay
Asset managers often have complex bonus structures tied to fund performance, requiring sophisticated payroll calculation engines.
Data Security
Protecting sensitive employee and compensation data is paramount, especially during vendor transitions when data changes hands.
Historical Documentation
Years of payslips, tax documents, and pension records must remain accessible for employee queries and regulatory audits.
The Challenge
Navigating a complex payroll transition with minimal vendor support, fragmented historical data, and the need to restore client confidence while maintaining zero disruption to operations.
Limited Transition Support
Migration from previous vendor with limited transition support and incomplete documentation, making it difficult to reconstruct the complete payroll setup.
Eroded Client Confidence
Low client confidence due to poor handover and lack of process clarity from the previous vendor, requiring immediate trust-building measures.
Manual Bank Processes
Manual bank file creation required for Citi Bank without automation, creating inefficiency and risk in payment processing.
Historical Data Gaps
Inability to retrieve historical payslips and tax slips for employees affecting compliance and queries, with no centralized access system.
Fragmented Setup Data
Need to rebuild entire payroll setup from fragmented historical data with limited documentation from the outgoing vendor.
Time-Critical Migration
Strict deadline to complete transition without disrupting monthly payroll cycles or affecting employee payments and confidence.
Our Solution
A methodical, hands-on approach combining manual data reconstruction, rigorous validation, and strategic automation to ensure a seamless transition with zero disruption.
Manual Setup Reconstruction
Manually reconstructed complete payroll setup using available historical data and reverse engineering. Our team meticulously analyzed fragmented records, recreated pay components, benefit structures, and tax configurations to build a complete operational framework from the ground up.
Onsite Confidence Building
Conducted multiple onsite visits to build client confidence and establish process clarity. Face-to-face engagement with key stakeholders ensured transparent communication, demonstrated our commitment, and established trust through detailed process walkthroughs and documentation.
Parallel Payroll Validation
Executed two manual parallel payroll runs to validate complete accuracy before going live. Each cycle was run simultaneously with the existing system, with line-by-line comparison of outputs to ensure 100% accuracy in calculations, deductions, and net pay.
Bank File Automation
Automated bank file creation process after thorough manual review and validation. Developed custom automation for Citi Bank file generation, eliminating manual intervention while maintaining strict validation checks to ensure payment accuracy and security.
Historical Data Migration
Manually uploaded all historical data to ESS portal enabling employee access to past documents. Created a comprehensive digital archive of payslips, tax documents, and benefit statements, ensuring employees could access their complete employment history through a user-friendly self-service interface.
Our Transition Methodology
Discovery & Analysis
Comprehensive audit of existing setup and data gaps
Validation Testing
Rigorous parallel runs ensuring accuracy
Stakeholder Engagement
Regular communication and transparency
Phased Go-Live
Controlled transition with fallback plans
The Impact
Delivering a seamless transition that restored confidence, ensured accuracy, and established a foundation for efficient ongoing operations.
Successful Migration
Seamless transition despite limited vendor support and incomplete handover. The migration was completed without disrupting a single payroll cycle, maintaining employee payments and confidence throughout.
Rebuilt Confidence
Restored client trust through transparent onsite engagement and parallel validation. Multiple face-to-face sessions and detailed progress reporting established a strong partnership foundation.
Process Accuracy
Achieved payroll accuracy through rigorous dual parallel run validation. Every calculation, deduction, and payment was verified against the previous system, ensuring 100% accuracy before go-live.
Bank Automation
Moved from manual to automated bank file creation reducing processing time. Eliminated manual intervention in Citi Bank file generation, reducing errors and streamlining payment processing.
Historical Access
Enabled complete employee access to historical payslips and tax documents. Employees can now retrieve years of historical data through the ESS portal, improving satisfaction and reducing HR queries.
Knowledge Transfer
Established clear process documentation for ongoing operations. Comprehensive documentation ensures the client team can manage day-to-day operations with confidence and consistency.
Transformation Delivered
This engagement demonstrates MYND’s capability to navigate complex vendor transitions even under challenging circumstances. By combining meticulous manual work with strategic automation and transparent client engagement, we transformed a potentially disruptive migration into a confidence-building success that set the foundation for efficient, accurate payroll operations.
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Ready to Transform Your Payroll Operations?
Let’s discuss how MYND can help you navigate complex payroll transitions, improve accuracy, and build confidence in your operations.