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Joint SWIFT/EFAMA report shows encouraging increase of fund processing Standardisation

2014 mid-year status update confirms total industry ISO automation rates continue to progress

The European Fund and Asset Management Association (EFAMA) published in cooperation with SWIFT, a new report aimed at tracking industry progress on the evolution of automation and standardisation rates of fund orders received by transfer agents (TAs). The report focuses on the cross-border fund centres of Ireland and Luxembourg in the first half of 2014.

One of the main findings of the reports is the growing volume of automated processed orders, which increased by 2.5% to 12.2 million during the first half of 2014 (against 11.9 million in H2 2013). In parallel, the use of the ISO standards increased to 50% in the second quarter of 2014 (from 45.3% in Q4 2013). This evolution is mainly explained by the decrease of automation through proprietary File Transfer Protocol (FTP).

EFAMA and SWIFT have long campaigned to communicate on the advancement of automation and standardisation rates of orders of cross-border funds, and this report emphasises further this joint initiative. 32 TAs in Ireland and Luxembourg, representing more than 80% of the total incoming third-party investment funds’ order volumes in both markets, took part in the survey.

The report highlights are as follows:

  • The total automation rate of processed orders of cross-border funds reached 78.2% in the second quarter of 2014, compared to 78.7% in the fourth quarter of 2013. However, the use of ISO messaging standards rose by 4.7%, reflecting a fall in the use of proprietary FTP formats by 5.2% over the same period.

  • The use of ISO messaging standards increase to 59.6% during Q2 2014 in Luxembourg compared to 57.7% in Q4 2013. The use of proprietary FTP decreased to 16.5% in Q2 2014, from 17.6% in Q4 2013.

  • The percentage of automated orders based on the ISO messaging standards increased to 27.5% in Q2 2014 in Ireland, compared to 20.9% in Q4 2013. The use of FTP decreased to 55.7% in Q2 2014, from 64.7% in Q4 2013.


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