A better way to manage ISA subscriptions at WealthKernel
WealthKernel’s Development team has created an ISA Subscription Initiative to improve our internal processes and the efficiency of other teams at the company, allowing us to scale our services further.
What is the ISA Subscription Initiative?
The initiative will help our Operations team at WealthKernel manage individual investments in ISAs against their maximum allowances.
It allows the team to create records for the amounts people invest and helps identify oversubscriptions in ISAs and JISAs. It also offers a global dashboard view for the team to search for investments by specific accounts and help us generate more accurate reports.
How do we identify oversubscriptions?
We calculate subscriptions by adding deposits and internal cash transfers as they arrive. We also identify subscriptions by their Account ID and the Tax Year.
We calculate oversubscriptions using a ‘Subscription Key’ as the unique identifier.
What’s in store for the future?
We have two exciting features lined up that complement our ISA subscription initiative:
ISA Transfer Service - Inbound and Outbound Transfer
This service will integrate with our systems and request to update or create a new contribution when a transferee comes to WealthKernel from a different provider.
Similarly, the system will help us mark subscriptions as ‘transferred out’ for outbound transfers or subscriptions transferred to a different provider.
This feature will automate the rejection of new investments in ISAs that have already passed their subscription limits.
We’re constantly developing the platform by bringing new opportunities and advanced options for our customers, so watch this space for more updates!