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The new report is an ongoing effort undertaken by EFAMA and SWIFT to highlight the advancement of automation and standardisation rates of orders of cross-border funds. 32 TAs in Ireland and Luxembourg, representing more than 80 per cent of the total incoming third-party investment funds order volumes in both markets, participated in the survey.
Peter De Proft, EFAMA Director General, notes: “In the previous edition of the report, we set the goal for the industry to move closer to the 80 per cent threshold for total automation rate in 2012. The mid-year 77 per cent rate is an achievement to applaud and a very positive step in this direction. This shows the priority that the industry sets to itself to continue to strengthen efficiency in fund-back office activities for the ultimate benefit of end investors.”
Fabian Vandenreydt, Head of Securities Markets, SWIFT, notes: “We applaud the continuous progress towards ISO adoption by distributors and transfer agents. The 77 per cent ISO adoption rate is a great achievement and we are indeed confident that the 80 per cent threshold is at our doorstep. SWIFT will continue to actively support standardisation initiatives in the industry, so that fund actors can leverage the benefits of ISO standardisation. Doing so will allow the industry to further reduce the 25,000 orders per day that are still treated by fax.”