Case study
Client
Ecovis DCA Limited
Company size
10-50 employees
Activity
Insolvency Services
Platform features
Same Day Account Opening
All Accounts on One Platform
Ecovis DCA Ireland is an accounting and business advisory firm that specialises in providing financial services to small and medium-sized enterprises (SMEs). As part of the global Ecovis network, one of the firm's key areas of expertise is insolvency, providing support to businesses navigating liquidation and receiverships.
The Challenge
Business banking is cumbersome, with multiple accounts adding friction and costly inefficiencies for companies relying on these operations.
Ecovis’s main challenge was setting up bank accounts for new and existing clients. For liquidations or receiverships, opening new accounts could take up to 6 weeks, causing a bottleneck in their liquidation process.
Having to manage multiple client accounts with different pins and login information also caused additional administrative work for the team.
The Solution
NoFrixion enables Ecovis to open insolvency accounts in 24 hours, fully online, simplifying onboarding and boosting efficiency with secure, transparent processes.
NoFrixion provided a solution that directly addressed Ecovis’s biggest challenge in managing insolvency cases: the need for quick and straightforward account openings. With the Insolvency Practitioner already onboarded, Ecovis can now open new accounts for companies in liquidation within 24 hours. This significantly reduces the required paperwork and setup times compared to their previous process.
NoFrixion enhances the banking experience by eliminating the need for physical bank visits. Our platform allows Ecovis to manage accounts and complete transactions entirely online, saving time and effort while providing a more convenient and efficient banking solution.
Onboarding a company in liquidation now involves just a one-page application form via DocuSign, reducing human error and ensuring a smooth exchange of information.
For receiverships, opening new accounts has become even simpler, requiring only three clicks and no application form.
Additionally, NoFrixion's platform enables Ecovis staff to easily navigate between client accounts without the need for multiple logins and PINs, which saves time, enhances security, and reduces risk. The platform also allows Ecovis to set different access levels for their team, ensuring that each staff member has the appropriate permissions to securely manage account tasks. All money movement actions are recorded in an activity log, ensuring transparency and accountability.
In conclusion
NoFrixion modernized Ecovis's insolvency process, improving efficiency and giving them a competitive edge for faster, more effective services and growth.
Partnering with NoFrixion has allowed Ecovis to overcome significant challenges associated with traditional banking processes, particularly in managing liquidations and receiverships. These conventional methods often involve lengthy paperwork, delayed timelines, and inefficient account management, all of which create bottlenecks that impact productivity and client satisfaction. By integrating NoFrixion's innovative platform, Ecovis has been able to modernize its entire insolvency process, benefiting both new and existing clients.
The streamlined nature of NoFrixion's services, which includes rapid account openings and complete online management, has significantly improved the efficiency of Ecovis's operations. It has reduced administrative burdens, allowing staff to dedicate more time to strategic and advisory functions rather than getting bogged down by cumbersome banking formalities. This shift towards a more agile and user-friendly system has not only enhanced internal processes but has also positively impacted the quality and speed of service offered to clients.
These advancements have provided Ecovis with a substantial competitive edge in the insolvency sector. By offering faster account setup, simplified onboarding, and enhanced account security, Ecovis has been able to differentiate itself from other firms that still rely on outdated, manual banking methods. The partnership with NoFrixion has positioned Ecovis as a leader in insolvency management, well-prepared for continued success and growth. This enhanced capability to deliver swift, secure, and efficient solutions ensures that Ecovis remains attractive to clients seeking a modern, reliable partner for managing insolvency proceedings.