Through the system, OneVue will now send monthly statements of holdings and transactions to activate Calastone network platforms.
As a result, Calastone now automates more than 60 percent of the monthly reports issued by fund managers on its network.
Ross Fox, managing director and head of Australia and New Zealand at Calastone, said the majority of connected fund managers are using the network’s reporting capability, showing industry players are adopting and benefiting from new ways of managing their fiduciary responsibilities.
“Calastone’s interoperable reporting solution converts statement information into a single file that allows fund managers and platforms to respectively send and receive monthly unit information, eliminating the need for numerous emails, PDFs, faxes and manual portals that hamper efficiency,” Fox said.
“As OneVue joins other leading registries in promoting electronic reporting, the question of why manual practices persist increasingly arises within the industry. »
Richard Harris-Smith, deputy group head at OneVue, said manual reporting was a major source of risk and drag in the managed funds value chain, and can only be eliminated once all participants have adopted automation.
“Until that happens, there will be unwarranted errors, data security risks, delays and costs that unjustifiably inhibit innovation and best practices,” Harris said. Smith.
“Platforms can now instantly digest and identify unit holding discrepancies with us, closing the time gap on transaction queries that could otherwise take months to resolve. »
Calastone also offers automation with its order routing solution, automating the vast majority of wholesale managed fund transactions between platforms and fund managers.
“The manual processing that persists today needs to be re-examined in the face of increasing demands for accuracy, speed, security and transparency around processes and results,” Fox said.
“The faster and more accurate reporting we can create within the system, the more time and focus we can devote to delivering better customer experiences and outcomes.” »
