Transact to benefit from Calastone’s automated reconciliation service
NEWS | 29 November 2010
Calastone, the global messaging and settlement transaction network today announced that Transact, the wrap platform which connected in March 2009, has elected to use Calastone’s reconciliations services. Calastone’s post-trade services will enable Transact to improve automation of its mutual fund processing, a traditionally manual and time intensive process.
Transact provides a comprehensive range of services for its mutual fund clients. In recognition of the market appetite for greater automation and mutual fund processing efficiency, expanding the use of Calastone’s transaction network services will enable Transact’s end-clients, to reap the benefits of STP efficiencies.
Calastone’s independent cross-border transaction and settlement network provides electronic message automation to help clients improve their account opening, re-registration, creation and liquidation, switching, settlement, reconciliation, cash reporting or any associated funds messaging processes. Using Calastone’s reconciliations services, Transact will be able to overcome the issues surrounding delivery of data in a non-standard format as Calastone’s normalises, translates and standardises all messages received into the network.
Alexander Hofmann, Director of Sales at Calastone, said, "We are committed to providing a multi-domicile infrastructure from order-routing through to settlement and to ensuring that we help all our participants benefit from significant financial and operational efficiencies. The reconciliations process has historically been complex, costly and labour-intensive and the industry has been standing-by for change. Our open model allows all firms to automate and streamline their reconciliations processes without the need for a change in market infrastructure."
Commenting on the agreement, Russell Watson, Head of Trading Operations at Transact added, "We support all efforts to automate the pre-trade and post-trade areas of our industry and have a responsibility to provide a solution to our clients that will reduce costs and help minimise processing risk. Calastone has a proven track record of delivering services that are fit for purpose and accurately serve the mutual funds industry; Calastone has essentially built the structure required by the industry to move towards daily reconciliations. We look forward to the operational benefits that connectivity to Calastone’s reconciliations service will bring."