In October 2025 The SILC Group and LAB Group launched Australia ’s first automated bank reconciliations for managed fund investors. The new tech solution automates the reconciliation of investor payments in record time, while promising a more efficient experience for investors and fund managers, with stronger compliance controls. After its first six months, we catch up with one of the leading architects of the innovation, James Hill, Global Head of Technologies at The SILC Group, for an update on its implementation and benefits for users of SILC’s fund administration system.
Q1. James, what problem was SILC aiming to solve with automated reconciliations?
For many years, fund administrators across the industry have relied on highly manual bank reconciliation processes. That typically involves matching investor payments to application data by hand, often using payer names or references that can be incomplete or inconsistent. Even small discrepancies can delay processing by days, which creates operational risk and poor investor experience.
At SILC, we saw this as a systemic issue—one that affected accuracy, cut‑off times and confidence. Our objective was to remove friction from the process entirely and introduce a solution that was faster, more reliable and inherently compliant, while still fitting seamlessly into existing managed fund workflows.
Q2. How does the automated reconciliation solution actually work in practice?
The solution uses automation to reconcile investor payments against application data in real time, without manual intervention. Working with LAB Group, we integrated their investor onboarding platform with Westpac’s i‑Link API banking infrastructure.
When an investor makes a payment—such as via BPAY—it is matched instantly using a unique Customer Reference Number. That means funds are reconciled directly to the correct application and bank account within minutes, not hours or days. Importantly, every match is time‑stamped and fully auditable, significantly strengthening compliance controls and operational oversight.
Q3. Why did SILC choose to partner with LAB Group and Westpac on this project?
This was very deliberately a partnership‑driven initiative. LAB Group brought deep RegTech capability and a proven investor onboarding platform, which made them an ideal technology partner. Westpac’s support, particularly through its i‑Link API, enabled secure and scalable banking integration.
By working together, we were able to design a solution that not only automated reconciliations but did so in a way that met strict regulatory, security and operational requirements. It’s a strong example of how fund administrators, technology providers and banks can collaborate to modernise core infrastructure across the industry.
Q4. What impact has the technology had for SILC’s clients?
The impact has been immediate and tangible. Reconciliation times have been reduced from hours—or sometimes days—to minutes. That allows investors to receive confirmations faster and reduces the risk of missing investment cut‑offs or receiving incorrect unit pricing.
For fund managers and responsible entities, it means lower operational risk, fewer exceptions to manage and significantly improved transparency. Compliance teams benefit from a clean, auditable record of every transaction, while administration teams can focus on higher‑value work rather than manual matching and follow‑ups.
Fund managers can also track investors payments without any dependency on manual reconciliation. They now know the status of investor payments when we know – saving time and improving the efficiency of the onboarding process
Q5. How does this innovation reflect SILC’s broader approach to service and technology?
This project really reflects how we think about innovation at SILC. We don’t adopt technology for its own sake—we focus on solving real client problems in a way that is sustainable and compliant. The automated reconciliation solution came out of a strategic review of our systems and direct consultation with clients about where friction existed.
Looking ahead, this sets a new benchmark for how fund administration can operate. By embedding automation at the infrastructure level, we can support scale, improve investor experience and deliver stronger governance outcomes for our clients over the long term.
