Financial Tradeware, provider of Portfolio and Fund Management Straight Through Processing (STP) solutions for the investment management industry, today announced a Business Agreement with Idea Group, a leading provider of expert advice and systems-based process improvement solutions in the pension and investment industry.
The Agreement covers the exchange of industry approved ISO 20022 financial messages in compliance with specific ViaNova market rules; the Idea Group ViaNova Gateway that has been developed for pension scheme administrators will generate and receive Funds messages which will be delivered through the technological infrastructure of Européenne de Gestion Privée, via the SWIFTNet secure IP network (EGP/FT), administered by Financial Tradeware.
Idea Group are a leading force in the introduction of new data exchange standards in the funds industry and established the Investment Management STP Development Group (IMSDG.org) to provide a forum for industry collaboration. This group actively promotes the benefits of accurate and timely processing of information i.e. dealing with order volume increases with reduced on-going operational costs and an improved risk governance and compliance framework.
The work of IMSDG led to the development and implementation of ViaNova ISO20022-based messaging in 2007. Currently, ViaNova applies to order processing and already over £200 million of orders have been processed in accordance with this new standard.
The next steps are to gain industry consensus on areas such as cash movements, fund performance reporting and movement of individual pension records, with the objective that ISO20022 messages become the industry benchmark.
"EGP/FT are pleased to be working with Idea Group, the driver of the ViaNova ISO20022 market initiatives. Our proven, demonstrated connectivity solutions enable all players to participate in usage of the ViaNova standards, which provide true value, risk reduction and cost efficiencies in an industry traditionally heavily reliant on proprietary formats and manual processes.
We look forward to playing a significant role in the market and to a mutually beneficial long term relationship," said Graham Bright, Managing Director Financial Tradeware.
Ian Lyall, Managing Director of Idea Group said: "SWIFT connectivity has historically been a consideration that might have prevented many pension administrators adopting ViaNova.
This agreement, bringing together our support for ViaNova with Financial Tradeware's connectivity expertise, effectively removes this barrier to adoption. Accordingly, we believe that our relationship will act as a catalyst to increase the rate of STP uptake with all the benefits that will bring to the industry".