Wrap platform Transact has signed on to use Calastones reconciliations services, which it says will allow 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 Calastones transaction network services will enable Transacts end-clients to reap the benefits of STP efficiencies, it said in a statement.
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 minimize processing risk, says Russell Watson, head of trading operations at Transact. We look forward to the operational benefits that connectivity to Calastones reconciliations service will bring.
Alexander Hofmann, director of sales at Calastone, says Calastones open model allows firms to automate and streamline their reconciliations processes without the need for a change in market infrastructure.