EFAMA and SWIFT find Irish and Lux automation gains
25 November 2015 Brussels
Image: Shutterstock
The automation rate of fund orders received by transfer agents in Luxembourg and Ireland increased to 83.5 percent in Q2 2015, according to a new report.
The new report, from the European Fund and Asset Management Association (EFAMA) and SWIFT, examined the evolution of automation and standardisation rates of fund orders received by transfer agents in Luxembourg and Ireland in the first half of 2015, finding the increase on Q4 2014’s rate of 82.6 percent.
According to the report, the total order volume of cross-border funds increased by 11 percent to 17.5 million orders in H1 2015, from 15.8 million orders in H2 2014.
The use of ISO messaging standards rose by 3.8 percent to 53.2 percent, while the use of manual processes and proprietary formats dropped to 16.5 and 30.3 percent, respectively.
The total automation rate of orders processed by Luxembourg transfer agents reached 81.2 percent in Q2 2015, compared to 81.3 percent in Q4 2014.
Irish transfer agents, meanwhile, saw an increase to 88.3 percent in Q2 2015, from 85.6 percent in Q4 2014.
Peter De Proft, director general of EFAMA, commented: “The findings presented in this mid-year status report confirms the growing use of the ISO messaging standards in the processing of cross-border funds in both Luxembourg and Ireland.”
“Compared to five years ago, overall, the share of orders processed using these standards has increased from 36 percent to 53 percent. This is a very positive development which brings greater efficiency funds processing and lower costs.”
The new report, from the European Fund and Asset Management Association (EFAMA) and SWIFT, examined the evolution of automation and standardisation rates of fund orders received by transfer agents in Luxembourg and Ireland in the first half of 2015, finding the increase on Q4 2014’s rate of 82.6 percent.
According to the report, the total order volume of cross-border funds increased by 11 percent to 17.5 million orders in H1 2015, from 15.8 million orders in H2 2014.
The use of ISO messaging standards rose by 3.8 percent to 53.2 percent, while the use of manual processes and proprietary formats dropped to 16.5 and 30.3 percent, respectively.
The total automation rate of orders processed by Luxembourg transfer agents reached 81.2 percent in Q2 2015, compared to 81.3 percent in Q4 2014.
Irish transfer agents, meanwhile, saw an increase to 88.3 percent in Q2 2015, from 85.6 percent in Q4 2014.
Peter De Proft, director general of EFAMA, commented: “The findings presented in this mid-year status report confirms the growing use of the ISO messaging standards in the processing of cross-border funds in both Luxembourg and Ireland.”
“Compared to five years ago, overall, the share of orders processed using these standards has increased from 36 percent to 53 percent. This is a very positive development which brings greater efficiency funds processing and lower costs.”
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