Platform re-registration set to use SWIFT for messaging
TISA – Tax Incentivised Savings Association – will today (Thursday 22 April 2010) announce its preference for an industry-wide automated re-registration solution based on ISO20022 messages over the SWIFT network.
The announcement will be made at TISA’s annual Wraps and Platforms seminar this afternoon. It follows the establishment by TISA of a Re-Registration Committee in July 2009 to co-ordinate the Associations previous work to help platform, fund management and fund administration firms agree the appropriate re-registration standards and develop practical solutions to assist in their implementation.
Assisted by Logica, a business and technology service company, TISA’s Committee reviewed ISO20022 offerings from a range of system and network providers. The Committee selected the SWIFT-based solution as it provides a quick win – with low messaging costs and a range of communication options, including direct connectivity to SWIFT or via a SWIFT Service Bureau.
Many funds industry firms already use the SWIFT network for other services – and standardising on the same solution for re-registration means they can reuse their existing investment. However, the Committee recognises that other suppliers are interested in providing re-registration solutions that are complementary to the SWIFT network and welcomes their participation.
David Dalton-Brown, Chair of TISA’s Re-Registration Committee, says:
“This is a significant step forward that clearly demonstrates our commitment to delivering a solution to re-registration in a timely manner. Today’s announcement of SWIFT as the messaging network for connecting the firms involved allows us to focus on the processing, contractual and technical changes needed to deliver automated re-registration across the industry by 2012.”
Edward Glyn, Director – Funds, SWIFT comments:
“The significant volume of manual re-registrations, and its associated inefficiencies, has long been a key barrier to success for the retail investment services marketplace. TISA has taken a leadership position by promoting a single network, an open standard and an agreed market practice for the industry. These are things we have in common and SWIFT looks forward to working with TISA to help all members of the financial community take advantage of the considerable value afforded by automation of the re-registration process.”
TISA represents the interests of over 120 firms involved in supplying, administering or distributing products to savers and investors, its membership includes investment houses, TPA providers, Wrap and Platform providers, life companies, IT systems providers, distributors and pension providers.
Ends
For further information, please contact:
Malcolm Small, Director of Portfolio and Retirement Planning. Mobile: 07989 500771Email: malcolm.small@tisa.uk.com
Edward Glyn, Director – Funds, SWIFTTel: 020 7762 2165, Mobile: 07767 777770. Email: edward.glyn@swift.com
Andrew Lloyd, Director – Insurance & Wealth Management, Logica UK Limited. Mobile: 07841 602613 Email: andrew.lloyd@logica.com
Issued on behalf of TISA by Cauldron Consulting, contact: Steve Radford, Cauldron Consulting – Tel: 020 3178 7238, Mobile: 07889 903786. Email: steve.radford@cauldron-consulting.com
Notes for editors
1. TISA is the premier industry association supporting individuals across the broad range of government sponsored savings and investment vehicles, including Individual Savings Accounts (ISAs), Child Trust Funds (CTFs), Savings Gateway, Personal Pensions, Investment Bonds, Employer based schemes, and other consumer-centric, government savings schemes and initiatives.
2. The Financial Services Authority published DP10/02 “Platforms: delivering the RDR and other issues for discussion” in March 2010 – including proposals on improving customers’ ability to transfer assets from one platform to another.
3. SWIFT is a member-owned cooperative through which the financial world conducts its business operations with speed, certainty and confidence. Over 9,300 organisations in more than 209 countries trust us every day to exchange millions of standardised financial messages. We provide the proprietary communications platform, products and services that allow our customers to exchange financial information securely and reliably, and act as the catalyst that brings the financial community together to work collaboratively to shape market practice, define standards and consider solutions to issues of mutual interest. SWIFT has a strong partnership with the investment management community and provides comprehensive industry coverage throughout the funds transactional lifecycle. Over 550 investment managers use SWIFT to facilitate STP in funds, securities, treasury and payments. SWIFT’s value proposition to the investment management industry includes the launch of comprehensive fund messaging standards, allowing investment managers, distributors, and administrators to reduce operational costs and risks, whilst enhancing scalability and service levels.
4. Logica is a business and technology service company, employing 39,000 people that provide business consulting, systems integration and outsourcing to clients around the world. Logica is providing consultancy and programme management services to TISA’s Re-Registration Committee.