SWIFT and EFAMA: Automation on the up
26 May 2015 Brussels
Image: Shutterstock
Automation rates are up in the funds industry as a whole, according to a new report from SWIFT and the European Fund and Asset Management Association (EFAMA).
Of surveyed transfer agents, the total automation rates of processed orders in cross-border funds increased to an all-time high of 82.6 percent in Q4 2014, compared to 79.8 percent in Q4 2013.
The use of ISO messaging standards also increased by 4.5 percentage points.
In Luxembourg, automation rates reached 81.3 percent, compared to 76.6 percent in Q4 2013, while the ISO automation rate stayed stable at 57.9 percent.
In Ireland, automation rates of orders processed stayed stable at 85.6 percent.
Peter De Proft, director general of EFAMA, said: “As we have seen in previous years, the funds industry continues to move towards more automation and standardisation in the processing of cross-border fund orders.”
“By relying less on manual processing, fund managers thus increase the efficiency of their operations, which helps reduce their overall costs and increases the potential return of their funds.”
Fabian Vandenreydt, head of markets management, Innotribe and the SWIFT Institute at SWIFT, added: “The industry is making great strides towards full automation of the funds order process. Similar to other business areas, the adoption of standards and the move towards automation significantly reduces the costs and risks commonly associated with manual processing.”
“It is great to see comparable progress in the funds industry, particularly the work SWIFT has done in collaboration with EFAMA, which is clearly paving the way to more efficient back office operations across the funds distribution process.”
The report investigated standardisation and automation rates in the industry as a whole, and included a survey of 29 transfer agents based in Luxembourg and Ireland.
Of surveyed transfer agents, the total automation rates of processed orders in cross-border funds increased to an all-time high of 82.6 percent in Q4 2014, compared to 79.8 percent in Q4 2013.
The use of ISO messaging standards also increased by 4.5 percentage points.
In Luxembourg, automation rates reached 81.3 percent, compared to 76.6 percent in Q4 2013, while the ISO automation rate stayed stable at 57.9 percent.
In Ireland, automation rates of orders processed stayed stable at 85.6 percent.
Peter De Proft, director general of EFAMA, said: “As we have seen in previous years, the funds industry continues to move towards more automation and standardisation in the processing of cross-border fund orders.”
“By relying less on manual processing, fund managers thus increase the efficiency of their operations, which helps reduce their overall costs and increases the potential return of their funds.”
Fabian Vandenreydt, head of markets management, Innotribe and the SWIFT Institute at SWIFT, added: “The industry is making great strides towards full automation of the funds order process. Similar to other business areas, the adoption of standards and the move towards automation significantly reduces the costs and risks commonly associated with manual processing.”
“It is great to see comparable progress in the funds industry, particularly the work SWIFT has done in collaboration with EFAMA, which is clearly paving the way to more efficient back office operations across the funds distribution process.”
The report investigated standardisation and automation rates in the industry as a whole, and included a survey of 29 transfer agents based in Luxembourg and Ireland.
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