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IOOF joins Calastone network

Calastone has announced that IOOF has signed up to its global funds transaction network of super and managed funds, utilising the service for its platform business.

According to a statement issued by Calastone, “60 per cent of the Australian market now use Calastone’s automated communication systems either directly or through their custodians” following the IOOF deal.

“IOOF represents another important plank of the automation process in Australia,” said Calastone managing director Australia Shannon Sweeney.

“In other markets, Calastone is the key utility for the industry, connecting funds and platforms so they can communicate efficiently without the need for paper-based processes,” she said.

“In Australia we’ve now passed the tipping point and we see the industry accelerating towards full automation.”