Origo, the ecommerce standards and services body for the financial service industry, and Altus, the business and systems solutions company to the financial services industry, today announced that their clients, Skandia and FundsNetwork, have completed the first live and interoperable electronic in-specie re-registrations using Origo's Options Transfers service and the Altus Transfer Gateway.
This key development forms part of the TeX initiative, founded by TISA, in order to facilitate the electronic transfer of wrappers and assets between fund managers, platforms, wealth managers and any firm which holds assets on behalf of investors. It marks the first time an electronic in-specie re-registration has taken place as an interoperable event, i.e. allowing disparate information systems from different companies to work together and exchange data.
Ben Cocks, Product Director at Altus, and Paul Pettitt, Managing Director at Origo, confirmed that today's announcement of the first live interoperable asset re-registrations marks another major milestone in the TISA/TeX re-registration project and a significant development for the industry, helping to drive innovation, create administration efficiencies and cost savings for financial advisers and platforms, and ultimately delivering better outcomes to consumers.