Calastone Limited, the independent cross-border transaction network for the mutual funds industry, has announced that it has introduced reconciliation functionality to the Execution Management System of its mutual fund transaction network.

In line with both EFAMA recommendations for greater automation and fund processing efficiency, and the IMA’s proposed principle for automation of reconciliation reporting, Calastone’s universal messaging and translation service converts any instruction to ISO 20022 enabling fund managers and their TPAs to automatically send their reconciliation data to their distributors in any format they require.

Director of Market Innovation at Calastone, Dan Llewellyn commented, “In consultation with a variety of firms and in response to industry demand, we are delighted to be introducing another way in which to address a business process challenge. Every participant in the mutual fund industry; whether fund providers, transfer agent or fund distributors and whether domestic or offshore can benefit from automation of an inherently resource-intensive processing activity. This new service, based on a different tariff policy will facilitate the move to daily reconciliations therefore reducing risk and improving operational control. We applaud the transfer agents for proactively engaging to solve another industry requirement.”