IDFS adopts Euroclear FundSettle platform

IDFS adopts Euroclear FundSettle platform

UK-based third-party transfer agency International Financial Data Services (IFDS) has gone live with Euroclear's FundSettle platform for Gartmore Fund Managers.

FundSettle is an Internet-based platform that automates straight-through fund order processing and custody operations, with standardised order-input formats. The platform covers UK and German domestic funds.

IFDS is the first third-party UK transfer agency to adopt Euroclear's FundSettle platform, says the company, and will provide Gartmore with a full range of transfer agency services for its UK-domiciled funds over the platform.

IFDS will access FundSettle via Swift, using the new ISO 15022 compliant messages.

Barbara Vuylsteke, Euroclear director and head of FundSettle product management, comments: "As FundSettle grows to become the new, automated standard in UK fund processing, we look forward to serving as the single entry point linking transfer agents, fund distributors and fund management companies in both domestic and offshore fund markets."

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