June 2014 - Fax Dealing Solution

Fax dealing solution to be launched

Transforming orders received via fax into structured electronic transactions

For some companies, buying and selling funds is a manual process that is still dependent on fax orders.

In fact, according to the most recent EFAMA survey on fund processing standardisation, more than twenty per cent of fund orders in Luxembourg and Ireland are processed manually, mostly as a result of fax orders. In 2013, around 6.5 million orders were processed manually by the transfer agents in the survey.

Clearly, this situation leads to many inefficiencies and at Fundsquare, while we aim to generate a more advanced standardisation of services, we understand that fax orders are a continuing method of fund buying for many, despite the inefficiencies.

For this reason, we are going to offer a solution that will capture and transform the fax activity in fund ordering processes.

Partnership with Numen

We have teamed up with Numen, a specialist that is the leader in document process outsourcing and has a strong track record in Europe in dematerialising industrial volumes of documents.

Combined with the SWIFT transformation capabilities of Fundsquare, fund management companies will be able to automate further their document management processes by transforming orders received via fax into structured electronic transactions.

The fax transformation process includes a number of advanced data extraction steps and quality checks, including automatic text comparison against existing lists and table management.

Decrease costs and increase quality on the fax activity

The key benefits of conversion of faxed deals to electronic deals include:

• Significant cost savings on the operations
• Reduced handling time frames
• Maximised quality leading to minimised risks
• Ability to remain flexible and easily absorb volume peaks and fluctuations
• Transparency for investors.

If you would like more information on this future service, please contact Paolo Brignardello, Head of Product Management and Marketing (+352 28 370 528, [email protected]).

_{Published on: 30 June 2014}

Fundsquare News 11 - June 2014