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.”
Macquarie Bank will pay a $10 million penalty for failures related to preventing and detecting unauthorised fee ...
The Financial Advice Association Australia has argued strongly against the implementation of the CSLR, calling the ...
A financial advice firm has seen a decline of 10 advisers this week with all moving to a new licensee, while Centrepoint ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin