Calastone Australia managing director Shannon Sweeney said that the industry had long recognized the risks involved in manual processing and the organizations must eradicate these risks and issues.
"These manual risky processes can result in inaccuracy in both the registry system of the fund and the platform, can result in missing or are incomplete transactions, and make the client experience slower and less transparent," Sweeney added.
"Better automation in processing will help improve the customer experience for a wide range of investors, both institutional and retail."
In the near future, Calastone plans to enhance its Australian network to cover wealth software platforms and self-managed super funds.
Calastone clients including the order senders comprising platforms, custodians and brokers send their orders over the CalastoneNetwork in the format of their choice. Clients can see status of all orders at all times through its Execution Management System (EMS).
The Global Fund Transaction Network allows buyers and sellers of managed funds to communicate orders electronically by providing a universal message communication and translation service.
