CML interface with NatWest Clients’ Monies Service (CMS) banking system to deal with the complexities of the Commonhold and Leasehold Reform Act 2002

Press Release : Thursday, 29th September 2005

CML interface with NatWest Clients’ Monies Service (CMS) banking system to deal with the complexities of the Commonhold and Leasehold Reform Act 2002

CML has successfully integrated its property management and accounting system “Triangle” with NatWest’s Clients’ Monies Service (CMS) banking system. This enhancement of the software will be of considerable value to property managers who are responsible for service charge accounting on high volume property portfolios.

This integration facilitates the easy administration of multiple bank accounts (as is required by the new legislation) by passing transaction transfer files to NatWest on a daily basis. The transfer files then enable CMS to maintain separate bank accounts for each and every block as is required by the new legislation. Within CMLTriangle the banking routines are operated through a composite style clearing account providing the convenience of a single account from which to make and receive payments into the client accounts. CMLTriangle also mirrors the CMS sub accounts in order to aid reconciliation of both the branch “clearing” account and the indvidual client accounts.

Paul McDonald, CML’s software development director said “whilst the new legislation has not yet been given effect I was anxious that CML provide this functionality to our existing clients well ahead of the critical date. Legacy systems unable to deal with the new requirement will become a considerable burden in future.