GTC leads the way with first on-time 2-Pot roll-out

Farhadh Dildar, Group Chief Operating Officer at GTC. (Image: Supplied)

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In a landmark achievement for the South African financial sector, GTC (formerly Grant Thornton Capital), a diversified financial services company, has emerged as the first retirement fund provider to meet the requirements of the government’s new 2-Pot system on schedule. Through a strategic collaboration with technology partner Falcorp and integration platform SnapLogic, GTC has rapidly processed thousands of claims, automating workflows to achieve unprecedented efficiency, compliance and client engagement, all without the delays reported by many competitors.

The 2-Pot system, introduced by the South African government in March 2024, required retirement fund providers to facilitate partial withdrawals for millions of members by 1 September. GTC tackled this challenge head-on, with 46% of its members eligible to submit claims under the 2-Pot system. Through an automated approach, GTC efficiently processed a significant volume of these claims on deadline, marking a 50-fold increase from typical processing rates. Unlike other providers who reportedly turned to hiring large volumes of staff to manage the influx, GTC’s solution minimised the need for additional resources.

"When the 2-Pot legislation came down, it wasn’t just about enabling withdrawals by 1 September, it was about giving members the right tools and information to make informed decisions,” said Farhadh Dildar, Group Chief Operating Officer at GTC. “As for processing our client withdrawal requirements, we would need to do it quickly, at scale and with the accuracy and compliance required in our industry. We knew we had the backbone through our existing systems to support this, but the complexity and volume of the 2-Pot requirements pushed us to look for something capable of automating complex workflows and scaling exponentially.”

Already familiar with SnapLogic’s AI-driven integration platform, Falcorp proposed to GTC that extending its use to create a fully orchestrated, end-to-end system would provide the perfect solution to meet the challenge of the 2-Pot deadline. Leveraging SnapLogic’s iPaaS capabilities, GTC integrated its core systems, including Everest for retirement fund management, True North for financial calculations, and Bizagi for process management. This integration generated personalised reports, enabling members to make informed decisions about their withdrawals under the 2-Pot system.

Manty Seligman, Director of Asset Management at GTC. (Image: Supplied)

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With SnapLogic’s orchestration at the core, the solution also connected a variety of internal applications, automating workflows and facilitating real-time data sharing across platforms. GTC’s Operational Data Store provided seamless access to customer data, while additional tools like Qlik NPrinting for reporting, Alfresco for document storage and Twilio for messaging ensured a smooth, automated experience for members. SnapLogic’s re-usable pre-built pipelines also accelerated the deployment process, allowing GTC to implement the solution quickly and efficiently without developing new integrations from scratch.

Following the solution's implementation, GTC successfully engaged over 25 000 members, providing personalised financial projections to help them make informed decisions well ahead of the 1 September withdrawal date. Approximately 30% of eligible members submitted claims through the automated portal developed by Falcorp, with claims processed seamlessly on 1 September, the first of which was paid on 2 September. This automation allowed GTC to complete 35-40 months of processing work in just two weeks – a feat unmatched by competitors, many of whom are still facing staffing challenges and inefficiencies.

“SnapLogic enabled us to process claims at an exponential scale. The efficiency gains were beyond what traditional methods could deliver. Without SnapLogic’s orchestration, our solution would have required 150% more manpower. Instead, we completed months of work in just eight weeks,” adds Dildar.

Beyond efficiency, GTC’s solution prioritised compliance and data integrity, integrating FICA and POPI requirements directly into the workflow to ensure accurate and verified payouts. The system offered a secure, user-friendly portal for members to submit claims, with GTC’s support team providing remote assistance for 10%-15% of claims to accommodate less tech-savvy members.

“We’re in the business of people’s financial security,” said Manty Seligman, Director of Asset Management at GTC. “Our commitment to empowering clients with transparent, actionable insights means our technology must be exceptional. By investing early in a robust, scalable tech infrastructure, we were ready to deliver this critical service 2-Pot on time, with precision.”

GTC’s 2-Pot capability is an enhancement to their Altertude Digital Customer Engagement platform which has been recognised with the EBnet Evolutionary Award in the Evolution in Improving Member Outcomes category. This accolade highlights GTC's proprietary fintech architecture, Altertude, which enables automated, large-scale member engagement. The comprehensive reporting supported by the system has, and is, empowering members to make informed decisions regarding their Two-Pot withdrawals.

The company plans to build on the success of the 2-Pot project by extending automation and orchestration across other business areas, further strengthening customer engagement and operational efficiency. The next phase includes exploring AI-driven enhancements and cementing GTC’s position as an industry innovator.