The next big leap forward for Insolvency payments and bank reconciliation

Across the UK insolvency sector, payment processes and financial controls are generally well established. Most insolvency practitioners operate within structured case management environments that support approvals, audit trails, and regulatory compliance.

Current Challenges in Insolvency Payments and Bank Reconciliations

From a governance perspective, the fundamentals are strong. However, behind the compliant processes sits a considerable amount of manual effort, particularly in the execution of payments and the reconciliation of estate accounts.

Insolvency practitioners and their admin support move between Turnkey IPS and banking platforms, re-keying information, downloading statements, checking transactions, and reconciling balances back into the system at month-end.

Sound familiar?

Firms of all shapes and sizes recognised the challenges of managing insolvency cases across multiple banking providers, which leads to duplication and creates an ongoing operational burden.

Bridging the Gap Between Systems and Banking

Increasingly, insolvency practitioners are talking to us about finding ways to bring banking activity closer to Turnkey IPS and streamline processes.

Rather than treating insolvency software and banking platforms as separate layers, the direction of travel is towards greater integration, connecting payment instruction, execution, and reconciliation into a more unified workflow.

In practical terms, this means:

• Reducing the need to re-key payment data
• Improving alignment between system records and bank transactions
• Moving away from heavily manual bank reconciliation processes
• Creating more consistent processes across multiple banks

Approaches to this will vary by firm, but the objective is consistent: to reduce friction across insolvency estate account treasury functions while maintaining strong governance and control.

Turnkey Pay and a More Integrated Workflow

Our upcoming Turnkey Pay is designed with this model in mind, incorporating the banking workflow itself directly into Turnkey IPS.

Turnkey Pay is our new in-platform, straight-through banking capability. It lets clients:

• See imported statement data
• Reconcile bank accounts
• Make payments without leaving Turnkey IPS

With Turnkey Pay, previously fragmented tasks can begin to form a single, continuous process:

• Payment creation within the case management system
• Internal approvals and audit controls
• Direct transmission of payment instructions to banking systems
• Automated retrieval of transaction data
• Ongoing alignment between Turnkey IPS records and bank activity

This type of workflow does not replace existing controls; instead, it further streamlines how they are delivered. For practitioners, the key benefit is reduced manual handling, rather than any change to core governance standards.

“What I find most compelling is that Turnkey Pay introduces, for the first time, a genuinely bank-agnostic approach to statement ingestion and auto-reconciliation, while also enabling more tightly integrated payments.”

Matthew Ellidge, Head of Product at Turnkey

Managing Multi-Bank Complexity

Most UK insolvency practices operate across multiple banking providers, often due to legacy arrangements, case-specific requirements, or creditor considerations. Over time, this has created operational complexity. Practitioners repeatedly navigate different banking portals, authentication methods, and payment processes, which can introduce inefficiency and inconsistency.

Our more integrated approach will allow firms to manage payments in a more standardised way across banks, improving:

• Operational consistency
• Visibility across accounts
• Control over payment processes

For practices, this can help ease month-end pressure and allow experienced staff to focus more on oversight and case progression rather than repetitive administrative work.

A Broader Shift in Insolvency Workflow Automation

These developments reflect a wider shift across the sector. As operational pressures increase (driven by case volumes, regulatory expectations, and efficiency demands), firms are looking beyond maintaining compliance alone. The focus is increasingly on reducing operational friction and improving how systems work together.

This includes:

• Streamlining insolvency payment processing
• Reducing manual bank reconciliation workloads
• Improving real-time visibility of estate accounts

For insolvency practitioners, the core requirements remain unchanged: accuracy, compliance, and control over client funds.

As Turnkey IPS become more closely integrated with banking infrastructure, firms have an opportunity to reduce duplicated processes, ease reconciliation workloads, and create more connected operating models.

Solutions such as Turnkey Pay illustrate how this approach can be delivered in practice: bringing payments, banking activity, and reconciliation into closer alignment within a single environment.

Ultimately, this represents a shift away from disconnected processes towards a more coordinated model where less time is spent on manual administration, and more time can be focused on progressing cases and advising stakeholders.