WealthCraft packages Decillion Swift Service Bureau in Singapore with FundsMX

Source: WealthCraft Systems

WealthCraft Systems (OTC Bulletin Board: WCSY), a leading IT solution provider for financial institutions, is packaging Decillion Solutions Group's Asia Pacific Swift Service Bureau in Singapore with the newly-launched FundsMX automated mutual funds platform.

FundsMX is a cost effective 'one-stop' link enabling automation of mutual fund transactions such as subscriptions, redemptions and switch orders across an extensive global network of fund houses through SWIFTNet. It provides direct access to a comprehensive range of local and off-shore investments, including the majority of Singapore and Hong Kong Authorized Funds.

Decillion is a niche banking I.T. company providing 'best of class' payment systems, banking applications and straight through processing (STP) solutions to financial institutions across the region. It is the official SWIFT Business Partner for Asia-Pacific, and has operated the region's Singapore-based SWIFT Service Bureau since 2004.

Financial institutions including banks, brokers, dealers and investment managers simplify the management and maintenance of their IT and communications infrastructure through the SWIFT Service Bureau.

WealthCraft CEO Kelly Tallas said Decillion's adoption of FundsMX(TM) marks a "significant milestone" in the automation of Asia's fund business.

He said: "As the region's mutual funds sector continues to grow dramatically, automation is becoming increasingly urgent.

"Asia's fund industry faces major operational and efficiency challenges associated with manual processing. Automating mutual fund transactions reduces the complexity, cost and risk.

"Automation also enables financial advisors to spend more time in value-added customer service rather than faxing orders and compiling statements.

"FundsMX(TM) is a cost effective automation option as it is based on a software-as-a-service model.

"Fund distributors do not pay for owning the application, but only for using it. It is an extremely attractive solution for fund distributors to use SWIFTNet Funds messages to place orders with minimal cost and effort.

"In this way, fund houses may still enjoy the benefit of straight through processing even though their own trading systems are unable to process SWIFTNet Funds messages natively."

Decillion CEO Thomas Lee said: "FundsMX(TM) complements our comprehensive set of SWIFT messaging services and solutions in payments, trade services, treasury, securities and customer services for client customers to improve business operations and performance.

"SWIFT messaging and integration solutions greatly improve the management and control of financial messaging."

Decillion's Service Platform extends to SWIFTNet Solutions, anti-money laundering, trade services and message transformation.

FundsMX(TM) was officially launched in Singapore on 7 October 2008.

The platform also incorporates a portfolio management service with access to an automated, consolidated view of portfolio holdings.

For distributors who already have a mutual funds trading platform, WealthCraft's FundsMX(TM) industry standard web services can be used to send and receive SWIFTNet fund messages.

Distributors utilising proprietary file formats can easily and securely interface with WealthCraft's FundsMX(TM) where the data is automatically translated into corresponding SWIFTNet fund messages.

Hong Kong-headquartered WealthCraft is a leading solution provider for Asia Pacific's wealth management sector.

With a technical development centre in Shenzhen, China, the company, designs, develops, markets and supports a flexible, scalable and secure technology platform for wealth management services and financial institutions including investment advisory firms, securities brokerage firms, retail and private banks, mutual fund companies and insurance companies.

As a SWIFTNet Funds automation fund solution inspirer, WealthCraft's solution was the first live mutual fund straight through processing (STP) trading system in Asia.

Headquartered in Singapore, Decillion's network extends to offices in Australia, Malaysia, Thailand, Indonesia and Shanghai. Decillion is owned by NEC Solutions Asia Pacific, part of Japan's giant NEC Corporation.

SWIFT (Society for Worldwide Interbank Financial Telecommunication) is the industry-owned leader in global financial communication serving more than 8,100 leading financial institutions in over 208 countries.

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