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WealthCraft Systems connects to Calastone

25 February 2010  |  2064 views  |  0 Source: Calastone

WealthCraft Systems Ltd, a leading Hong Kong-based financial services technology provider has connected to Calastone to enable its Pension Administration Service (PAS) to benefit from connectivity to the international mutual fund industry.

Wealthcraft's PAS enables pension administrators to submit orders across the WealthCraft platform and connectivity to Calastone will enable Hong Kong-based PAS clients to connect from Asia to European domiciled funds throughout the United Kingdom, Luxembourg and Dublin using Calastone ISO 20022.

Connectivity to the Calastone community is through a single connection, orders are sent electronically via Calastone, which provides a universal message communication and 'translation' service. By connecting to Calastone, WealthCraft has recognised the opportunities that Calastone provides to the global mutual fund industry and can benefit immediately by being able to process transactions received in ISO 20022 message standards. Calastone's 'translation' service converts any message format to Calastone ISO 20022 enabling participants to communicate and take advantage of the global standard today, even if a different counterparty uses another messaging protocol or communication method.

Since launch in 2008, Calastone has been connecting domestic and international fund providers, distributors and transfer agents to help them improve their business processes, enjoying greater transparency, control and real time visibility throughout the lifecycle of their transactions.

Commenting on the announcement, Kevin Lee, Managing Director of Calastone said, "I am delighted that WealthCraft has joined our growing Asian funds community. The additional Asia order flow expands the existing flow already available throughout Europe, North and South America and extends the distribution capacity for all participants; fund managers, distributors, transfer agents, wrap platforms, wealth managers, stockbrokers, hedge funds and pension funds. Our automated approach to transacting mutual funds removes the need for processing orders using fax. Calastone's track record since launch has shown that automation of order processing delivers increased order flow control and helps participants to reduce operating risk and lower costs. We are totally committed to providing 100% STP and industry interoperability regardless of location, size or message protocol preference."

Kelly J. Tallas, CEO of WealthCraft Systems Limited added, "Calastone's automated approach to mutual fund trading essentially levels the playing field for distribution to and from the Asian market in a highly efficient, cost effective way regardless of location or technology preference. The connection with FundsMXTM, WealthCraft's SWIFTNet enabled automated funds distribution platform, gives our client's immediate access to the wide and growing range of European domiciled funds available through Calastone. The Calastone service also provides an enhancement to our fully-automated Pension Administration Service (PAS) which facilitates trading, reduces risk and provides greater choice for all participants. We look forward to our continued relationship with the Calastone team and removing the need for fax order handling from the funds industry."

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