HSBC Securities Services (HSS) Transfer Agency has gone live with the adoption of new SWIFT Alternative Funds trade technology, the first Transfer Agent (TA) to do so globally. The SWIFT 20022 Alternative Funds trade order messaging system will enable shareholders, distributors and other industry participants across the globe to transmit an Alternative Fund trade order message direct to HSS, avoiding the traditional and somewhat dated manual fax trade format.
The new technology means that HSS clients benefit from a more efficient TA trading process, with reduced risk. Shareholder activity reporting is now quicker as what was once a manual process becomes an automated process, taking seconds from end to end. This has a knock on beneficial impact to the client as they get earlier visibility of their shareholder trading activity and can manage their cash and securities trading more efficiently.
Gina Slotosch, Head of Global Product Management, Transfer Agency, HSBC Securities Services, said; "The introduction of this SWIFT message type is a welcome development in the Alternative Funds industry and at HSBC we have long championed automation in this space. The early adoption of this new SWIFT functionality is affirmation of our technology focused, customer orientated approach to Alternative Funds servicing and compliments our global Transfer Agency offering."
Larry Watson, Head of Transfer Agency, Ireland said; "We are delighted that this STP facility is available in our global TA offering and it compliments our strategic efforts in this regard."
The SWIFT 20022 Alternative message format is an internationally recognised and agreed format for the communication of alternative shareholder trades. HSS is already a strong advocate of the SWIFT 20022 Mutual Funds shareholder trade messages.