Linedata has launched a new version of its Mshare investor accounting and administration solution that includes a FATCA compliance service and SWIFT messaging capabilities for hedge funds.
The FATCA compliance addition, which will be available prior to the FATCA reporting deadline on Jan. 1, 2013, automates the client data collection process and flags exceptions, which is designed to allow users to focus on exceptions only.
Mshare also has added SWIFT MX with ISO 20022 messaging to automate transaction processing from distributors. Administrators may use the service as part of SWIFTs Hedge Funds Harmonization Project, which streamlines communication between hedge funds, their custodians and administrators. This service will be live on Mshare next year.
Although there are still some unknowns around FATCA implementation and compliance, Linedata is creating a framework which will enable our clients to meet these new regulatory requirements without adding a prohibitive administrative overhead, says Noreen Crowe, Linedatas vice president in charge of Linedata Mshare product management.
Crowe adds: We are constantly surveying the administrative landscape and anticipating what our clients will need, not only in terms of regulation, but also to meet industry standards, such as the latest SWIFT messaging standards. Linedata is always looking for ways in which our clients can gain competitive advantage. These new developments in Linedata Mshare will also benefit our platform clients who use the investor accounting and administration module in Linedata Global Hedge and Linedata Admin Edge.
(CG)