Australian Stock Exchange builds FundConnect on IWL software base

Australian Stock Exchange builds FundConnect on IWL software base

Australian Stock Exchange Limited (ASX) has signed an agreement to use IWL's FundLink software as the core technology for its unlisted managed funds transaction processing service, ASX FundConnect, due to be rolled out in early 2003.

Under the heads of agreement, IWL will assist ASX to assess FundLink's fit with ASX FundConnect's business requirements. The two parties intend finalising the terms of the commercial agreement and implementation project plan over the next two months.

IWL's FundLink software will eliminate the need for the exchange to build the core functionality of the FundConnect service in its entirety, says ASX. IWL will also facilitate connectivity to ASX FundConnect through its existing financial planning software applications.

Chris Hamilton, ASX's executive general manager clearing and settlement, explains: "The alliance with IWL offers the opportunity for fast tracking the development of ASX FundConnect. IWL's FundLink software will provide an important component of our service proposal, and will help us deliver ASX FundConnect to our customers in a timely and cost effective manner."

Connectivity options to ASX FundConnect will be made available to the industry at large simultaneously with their release to IWL and where possible, will utilise established industry and vendor protocols, notes the exchange.

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