March 2014 - More users of order management and new services

More users of order management and new services

The first transactions on our order management platform took place in September and since then there has been much interest from fund promoters, distributors and transfer agents.

Onboarding of major fund players continues

Currently, there are four major transfer agents and four distributors using the Fundsquare order management platform. However, there are a number waiting in the wings who have completed the test phase or are in the process of testing. 

For transfer agents there are ten who have completed testing and who should be joining the platform soon, as well as another ten who are in an earlier stage of testing.

For distributors, there are three more in the final stage and ready to go, including a fund distributor from South America, and an additional ten in advanced talks.

New functionalities

The wide range of possibilities and the flexibility inherent in the Fundsquare infrastructure are essential for, and appreciated by, fund distributors (order givers).

For example, one order giver’s internal systems was only able to carry out cancellations by fax and not by SWIFT messaging, while another’s did not permit switches, and the Fundsquare infrastructure was able to respond to their needs. 

We also added two new communication channels for order givers, a VM queue and an AFT channel, which enables CSV files uploads to be converted into SWIFT.

Additionally, a conversion service from fax to SWIFT messaging is ready to use, subject to market and user demand.

In order to enhance the order management capabilities of order givers, a “TA Enrichment” functionality was added, which allows the routing of the order to the right transfer agent based on the ISIN code populated in the SWIFT order message.

_{Published on: 31 March 2014}
 

Fundsquare News 8 - March 2014