Standardisation of fund orders received by transfer agents in the cross-border fund centres ofLuxembourg and Ireland continues to increase.
The European Fund and Asset Management Association (Efama) found a 6.2% increase of fund orders last year made in line with ISO – or international standards.
The report, published in cooperation with the bank messaging network Swift, found total automation – which includes non-ISO automated fund orders - increased to 77.7% in 2012.
Luxembourg’s ISO automation rate in 2012 rose to 56.5% and the total automation rate increased to 73.7% - a rise of 2.8% compared to the fourth quarter of 2011.
Ireland’s total automation rose to 85.3% and the use of ISO messaging standards increased by 6.2%.
Manual processing declined 1.7% and the use of proprietary File Transfer Protocol fell 4.5%.
Thirty-two transfer agents in Ireland and Luxembourg, representing more than 80% of total incoming third-party investment fund orders in both markets, participated in the survey.
Efama and Swift have an ongoing campaign to highlight the advancement of automation and standardisation rates of cross-border fund orders.
Peter De Proft, Efama director general, says: “It is important to continue moving in this direction to increase efficiency in the fund industry, reduce operational risk and improve the quality of its services.”
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