Mellon has become the latest user of the UK mutual fund messaging system, EMX Messaging System, to make use of the transaction history and client details request functionality of the system. Mellon, which joined EMX in June 2000, makes use of the EMX platform on behalf of six fund managers that have outsourced their back offices to the bank.
“Both the transaction history and the client details request messages are part of our reconciliation suite and we are delighted that Mellon has adopted this functionality to extend the range of benefits they are able to provide from the EMX Message System,” says Tony Wood, Head of Sales and Marketing at EMXCo.
EMX says the transaction history message functionality aims to provide a clear breakdown of activity on the account, making the reconciliation process faster and more efficient. The client details request message enables the verification of account details.
“This new development forms part of our long term strategy for straight through processing,” says Ray Pepper, managing director of transfer agency at Mellon. “Through working closely with EMXCo we are able to constantly improve and update the service we offer our clients.”
The EMX Message System has over 3,000 funds available on the system, and in January 2007 routed over 1.4 million messages and over €4 billion of orders.
The company was acquired recently by Euroclear.