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SWIFT goes live in Australia for managed funds processing
Peter Dinham
Monday, 27 April 2009 16:32
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HSBC Securities Services, RBC Dexia Investor Services and Vanguard Investments Australia have now gone live in Australia with automated funds transaction processing over SWIFT.Hamer also said he now expected additional local industry participants to adopt SWIFT’s transaction automation standards for funds as part of a global move toward risk reduction and cost efficiencies, with automated funds transactions replacing faxes and other manual processes used for financial information exchange.
HSBC’s Australian head of securities services, Peter Snodgrass, said that “just as automation has benefited the equity and debt markets in Australia, we see industry adoption of SWIFT’s transaction automation standard as a crucial step in the growth of Australia as a financial hub capable of leading the region in terms of standards and efficiency.”
However, according to Swift’s announcement today, global investment management consulting and IT services company Morse Consulting believes the cost savings created through funds transaction automation could be even higher than industry assessments.
Morse’s Tim Worner says experience suggests paper-based transactions can often cost funds managers as much as A$40 each for simple processes, and, he adds, “complex transactions can cost even more.”
“Adopting automated processes can significantly reduce these costs. Also, paper-based transactions increase the risk for human error. Automating the dealing and reconciliation processes reduces that risk and at the same time promotes improved customer service.”
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