Automation levels in cross-border fund processing continue to drift upwards with a “new all-time high” reached in the last quarter of 2014 for Luxembourg and Ireland.
The automation rate and the use of ISO standards in the fund industry increased to 82.6% at the end of December 2014, from 79.8% in December 2013.
The figures are produced regularly by the European Fund and Asset Management Association (Efama) and Swift, a bank messaging network, to highlight the advancement of automation and standardisation rates of cross-border fund orders.
A total of 29 transfer agents from Ireland and Luxembourg participated in the survey.
Manual processes and file transfer protocol rates dropped by 2.8 percentage points to 17.4% and 1.7 percentage points to 33.2%, respectively.
Fabian Vandenreydt, head of markets management, Innotribe and the Swift Institute, says the industry is making “great strides” towards full automation of the funds order process, which will reduce costs and risks commonly associated with manual processing.
©2015 funds europe