SmartStream Technologies has launched a new Transaction Lifecycle Management (TLM) solution for participants in the mutual funds industry looking to capitalise on the new SWIFTNet Funds Business solution.
Built on SmartStream’s TLM Process Automation, the solution aims to provide a way for fund distributors, transfer agents, fund administrators and fund managers to reduce the estimated Euros 5 billion a year that is currently spent, in Europe alone, on manually managing orders and reporting.
The Euros 6.5 trillion European and Asia Pacific Investment Fund market is predicted to grow at rates of up to 50%, fuelled by the increase in open architecture distribution and cross border activity. To manage this phenomenal growth, the funds industry is now having to address issues of harmonisation and process automation within their own back office processes and between their counterparties.
Robin Smith, Consultant, SmartStream explains, “TLM Process Automation provides a migration path for the Investment Funds industry by insulating their back office systems from the complexities of the new standard and allowing syntax co-existence and convergence with current standards. The benefit to customers is clear, they can start to reduce their operational costs associated with order management and automate their exception management and reporting today.”
Laurent Desnouck, Relationship Manager SWIFT Partner Solutions, comments, “The SWIFTNet Funds solution allows distributors, investment managers and their service providers to leverage their SWIFT investment. The combination of solutions from SWIFT and SmartStream offer a compelling and immediate opportunity for Investment Fund participants to develop an infrastructure to satisfy regulatory requirements whilst improving customer service.”