Global transaction network Calastone has announced BT Financial Group has joined its network in Australia.
One of Australia’s largest wrap platforms, BT Wrap, will now use Calastone to send orders to the market. This makes the traditionally manual process automatic, reducing risk and improving accuracy.
Calastone – which has just had its second anniversary in Australia – is efficient right through the investment chain, said managing director Shannon Sweeney.
“Calastone offers the benefits of automation in reducing risk, improved accuracy and a reduction in trading turnaround times.
“These all add up to a better experience for customers. Ultimately though, the biggest success will come from increased uptake across the managed funds industry as more players in the value chain pursue automation.”
There is opportunity to make many other processes within managed funds and superannuation firms automatic and the Australian industry is undergoing a fundamental shift in the way business is done, said Sweeney.
“The Australian managed fund and super industry has huge opportunities for greater efficiency across the end to end lifecycle of managed funds processing.
“With more than half of Australian managed funds now having access to Calastone’s network, we have gathered meaningful momentum that will drive the majority of market on to automation within the next two years.”
Founded in the UK in 2008 due to the fund industry's need for an independent transaction network to help promote electronic cost reduction, Calastone specialises in automating manual processes for the managed fund and superannuation industries.
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