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Crown Agents Bank

Crown Agents Bank (CAB) is a UK-listed, FCA & PRA regulated bank, specialising in foreign exchange, global cross-border payments and digital proof of life solutions.


With decades of experience working with both public and private sector funds, LGPS and third-party pension administrators leverage CAB’s technology and specialist global banking experience to provide more effective overseas pensioner management.

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Overview

Historically, international fund members would have to send letters and provide paper-based life certificates as part of the proof of life verification process. These methods were cumbersome, slow, unreliable and required manual effort.

Heywood have identified a solution that supports better outcomes for our customers, and we are delighted to partner with Crown Agents Bank to provide foreign exchange pension payroll and international proof of life services.

CAB’s solutions offer more convenient ways for pensioners to complete their proof of life checks via the choice of biometric facial authentication or digital life certification management. Enhanced value is also realised through access to improved pricing via zero transaction fees and favourable exchange rates, resulting in more currency delivered directly into members’ overseas bank accounts. The partnership delivers improvements in service levels, technology and member self-sufficiency, to complement Heywood’s suite of member-focused solutions.

Crown Agents Bank in numbers

95%

of pensioner users aged over 61 years old.

7,000+

Proof of life checks are successfully completed via biometric facial authentication.

103

The age of the oldest member to complete proof of life digitally! A testament to the intuitive nature of the technology.

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Pension provider challenges

Heywood customers want to:
    • Ensure recipients are entitled to their payments
    • Mitigate risk of fraud and overpayments
    • Communicate securely via electronic channels
    • Avoid pooling fund settlements
    • Have full access to real-time transaction information
    • Ensure timely receipt of international funds

Benefits

Enhanced value

through access to improved pricing and favourable exchange rates, resulting in more currency delivered directly into members’ overseas bank accounts.

Dedicated bank accounts

are provided for each fund as standard, ensuring BACS credit settlements can be sent to a segregated account and aren’t pooled with other funds’ capital.

Improved Proof of Life solutions

that utilise digital and traditional methods of existence checking; members can verify proof of life from home, with CAB handling all member queries.

Increased self-sufficiency

for members via access to an online portal to manage their account and personal information. Payroll amounts are viewable in GBP and foreign currency.

Transparency and connectivity

of payment statuses via real-time transaction information and reporting, with access to payment instruction options to suit fund needs.

The customer experience

CAB’s experienced customer service team is comprised of specialist personnel to support funds and members alike. Funds benefit from:

  • Close contact

    Regular service level review meetings and calls.

  • Real-time updates 

    Accessed via the dedicated EMpower Pensions portal.

  • Dedicated partnerships

    Heywood has chosen Crown Agents Bank as its dedicated overseas banking specialist, meaning our customers can seamlessly access these benefits.
    Heywood customers will in turn benefit from CAB’s outsourced digital proof of life solutions, complemented by a simplistic and efficient international pension payroll process.

“Crown Agents Bank’s digital proof of life solutions have equipped Staffordshire Pension Fund to verify the identity of our overseas members more effectively and efficiently. We have been delighted with the services received and our pensioner members appreciate the ease with which they can complete their proof of life checks digitally, securely, and conveniently."

Staffordshire Pension Fund

Customer success stories

“We partnered with Crown Agents Bank for their digital proof of life service in 2022.

Their expertise and software solutions are market leading and as a result we saw an extremely high response rate and nothing but positive feedback from our scheme members. Crown Agents Bank directly supported our members in completing the proof of life process, allowing us to concentrate resources on other streams of work."

Rhondda Cynon Taf County Borough Council

The percentage of overseas members who have completed the verification process, using biometric facial authentication:

  • Lothian Pension Fund
    87% completion

  • Rhondda Cynon Taf County Borough Council
    89% completion

  • Staffordshire Pension Fund
    85% completion

  • Warwickshire Pension Fund
    78% completion