TISA Universal Reporting Network (TURN) enhances utility with new partners
- ACOLIN, DFIN, FundConnect and Kneip make up the new value-add panel
- Deutsche Wealth Services, MFEX, Calastone, Transact, Deutsche Bank, Allfunds, Link Group, and Fidelity are some of the notable firms using the platform.
TISA Universal Reporting Network (TURN), an industry blockchain solution for the collection and dissemination of fund related data, today announces TURN Solution Partners, a panel made up of ACOLIN, DFIN, FundConnect and Kneip. The solution partners will provide value-add services, such as data collection, validation and aggregation, for asset managers and distribution businesses that use TURN.
The partnership with these vendor suppliers ensures that TURN can provide the asset management, data vendor and distribution industries with a simple yet holistic solution to improving their operating models and costs. While TURN is a blockchain tool to aggregate and disseminate fund-related data, the partnership panel provides wider and value-add services. The overall aim of this alliance is to help more businesses increase their market compliance, reduce regulatory and operational costs, and provide a better service to investors.
The creation of TURN Solution Partners will give firms more personalisation and flexibility when adopting TURN’s Eco-System offering, which includes data calculation, validation, aggregation, dissemination and more. In light of the pandemic, TURN is facilitating a digital procurement process by introducing a digital RFP on its website.
Deutsche Wealth Services, MFEX, Calastone, Transact, Deutsche Bank, Allfunds, Link Group, and Fidelity are some of the notable firms using the platform.
The industry utility, powered by Atos, a global leader in digital transformation, officially launched in October 2020. It eases regulatory reporting requirements of MiFID II and will be available across Europe based on blockchain technology. All relevant parties have access to the EMTs (European MiFID II Template) on a real time basis and this will be of a high and consistent quality. The scope of TURN is now widening to include EMT, EPT, EFT, ESG, Fund Static Data, Corporate Actions/Dynamic Data and Fund Pricing, with further enhancements that will be a result of the industry defining the future strategic path.
The utility cuts data management costs by 85-90% in year one.
Gary Bond, CEO, TURN, said: “Timeliness and accuracy are consistent issues which TURN can resolve. Our Solution Partners, ACOLIN, DFIN, FundConnect and Kneip, will provide users with a flexible and more personalised service to better suit their needs. This approved panel of providers will make TURN, an industry run not-for-profit, the go-to partner for the European asset management and distribution industries across Europe.”
Aleksandar Kozacenko, Group Head Data Strategy and Governance, ACOLIN, said: “The TURN Solution Partners panel will ensure all businesses’ needs are covered in one utility. ACOLIN are pleased to be part of the panel and with our legal, compliance, data, and distribution solutions we can offer TURN’s users highly specialised knowledge and support for cross border fund distribution.”
Rob Wilson, Senior Vice President, DFIN, said: “As a global leader in the provision of innovative, industry expert-driven financial software solutions, we are delighted to be a part of the TURN approved panel of value-add services. We believe that the combination of DFIN’s ArcRegulatory platform and TURN can help the industry improve their operating models and bring greater transparency to underlying cost and charges and risk and performance data.”
Bianca Popa, Product Development Manager, FundConnect, said: “FundConnect’s FinTech and infrastructure capabilities will assist TURN’s users navigate the complex and cumbersome realm of data quality and timely servicing. We are delighted to be part of the TURN Solution Partners project.”
Ulf Herbig, Head of Product at Kneip, said: “TURN’s new panel of value-add services is a great opportunity to drive even more value out of our industry, and we are delighted to be part of it. As a founding member of TURN, we recognise how critical it is for industry members to come together to make fund distribution more effective and to simplify how asset managers ensure compliance with the ever-changing regulatory world.”
Notes for Editors
TURN (TISA Universal Reporting Network) is an Industry blockchain solution for the collection & dissemination of EMT regulatory data. The overall aim of this solution is to increase market compliance, reduce regulatory costs and provide a better service to investors. TURN is the result of TISA’s MIFID II Project under the oversight of a Governance Steering Committee. www.tisa.uk.com/turn/
The Investing and Saving Alliance (TISA) is a unique and rapidly growing membership organisation. Our mission is to work with our industry members to improve the financial wellbeing of all UK consumers to deliver practical solutions and devise innovative, evidence-based strategic proposals for government, policymakers and regulators that address major consumer issues.
TISA membership is representative of all sectors of the financial services industry: We have over 200-member firms involved in the supply and distribution of savings, investment products and associated services, including the UK’s major investment managers, retail banks, insurance companies, pension providers, online platforms, distributors, building societies, wealth managers, third party administrators, Fintech businesses, financial consultants, financial advisers, industry infrastructure providers and stockbrokers.
Complementing our development of consumer policy and commitment to open standards and governance, TISA has become the pre-eminent membership body for the delivery of digital industry initiatives, including:
- Open Savings & Investments – a fundamental component of Open Finance which will enable our industry to become fully digitally enabled
- Digital ID – enabling easy access to all digital services by creating a single, reusable, secure ID owned and controlled by the consumer
- TISAtech – the new generation digital marketplace connecting Financial Institutions with FinTechs
- TISA Universal Reporting Network (TURN) – an industry-designed blockchain data solution for the collection & dissemination of EMT data
About ACOLIN Fund Services AG (ACOLIN)
Established in 2006 in Zurich, ACOLIN is a success story in European financial services, catering to the specific needs of asset managers active in cross-border fund distribution. ACOLIN helps its clients to access new markets, meet regulatory obligations and grow assets under management across multiple jurisdictions. The business represents investment funds across various markets, ensuring that all regulatory obligations are rigorously fulfilled, and that fund data and documents are available to investors, intermediaries and to the relevant authorities. The business currently provides services to over 600 asset managers representing some 1800 investment funds across 30 countries.
In addition, ACOLIN’s proprietary distribution network facilitates clients’ quick access to a wide array of fund distribution channels across Europe, overseeing data and commission management together with ongoing monitoring and due diligence of distribution partners.
ACOLIN employs around 100 staff and, in addition to its headquarters in Zurich, has subsidiaries and offices in Geneva, Constance, Frankfurt, Dublin, London, Madrid, Milan, Belgrade, and Bratislava.
DFIN is a leading global risk and compliance solutions company. We provide domain expertise, enterprise software and data analytics for every stage of our clients’ business and investment lifecycles. Markets fluctuate, regulations evolve, technology advances, and through it all, DFIN delivers confidence with the right solutions in moments that matter. Learn about DFIN’s end-to-end risk and compliance solutions online at DFINsolutions.com or you can also follow us on Twitter @DFINSolutions or on LinkedIn.
FundConnect is a neutral Pan-European data infrastructure that specializes in advanced FinTech solutions and data exchange solutions for asset managers and fund distributors.
We have over 20 years of experience serving as a technical backbone for banks, insurers, asset managers, platforms and industry bodies. Our expertise lies both within the regulatory and data services, such as production of regulatory files (EMT, EPT, CEPT, TPT), production of documents (UCITS KIIDs, PRIIPs KIDs, Factsheets), and creation of fund data driven web solutions. Our well-established data exchange ecosystem has enabled the fund industry to exchange data and documents in a fast and compliant manner.
We are deeply committed to the industry and over time have supported a number of industry initiatives.
Kneip is the leader in fund data management and reporting solutions for the investment management, insurance and banking industry.
We help clients manage their data efficiently and ensure compliance in a changing regulatory environment. With all fund data on a single platform, clients can accelerate time to market, mitigate risk, and reduce the cost and effort of managing funds. From our roots as a publishing company, over 26 years Kneip has grown into a digital-first platform, employing 250 people and servicing more than 10 000 funds in over 40 countries.
Our business is meaningful: at a time when tens of thousands of funds struggle to navigate stricter data reporting laws and regulations, we oil the wheels of the information machine, so they can focus on what they do best: delivering returns for investors.