Australia’s largest independent fund administrator, FundBPO, has joined Calastone, the global fund transaction network.
FundBPO, part of the MainstreamBPO group, expects Calastone’s “Straight-Through-Processing” (STP) order routing will streamline its unit registry service by improving efficiency and reducing risk and cost.
FundBPO currently provides unit registry services to over 100,000 unit holders. Calastone’s STP order routing service will eliminate the printing and scanning of thousands of faxes by FundBPO’s unit registry administrators.
According to Chief Executive Officer Martin Smith, the announcement highlights FundBPO’s commitment to being the best-in-class unit registry (transfer agency) solution across the Asia Pacific region and will complement its mFunds, XPLAN, online transacting, workflow, data security and web services initiatives.
“For participating fund managers, transactions that were previously communicated to FundBPO by fax are now being processed via Calastone. This means the average time taken to confirm a fund transaction is reduced and quality of transaction services has improved.” Mr Smith said.
Calastone’s clients, such as platforms and custodians, send and receive orders and confirmations from fund managers and registries in their preferred format, with Calastone translating their preferred message formats so they are able to use their existing infrastructure. Users can, for the first time, see the real time status of all their orders through Calastone, providing transparency and preventing the occurrence of potential discrepancies or loss events later in the transaction lifecycle.
Sarah Hayward, Calastones Client Relationship Manager in Australia, said: “Calastone has become the provider of choice in Australia for STP order routing services as industry participants move from manual processes and seek STP. We are pleased to be able to extend these benefits to FundBPO and their clients. FundBPO provides registry administration to a wide range of funds, which adds to Calastones global network available to clients here in Australia and around the world.”