Peter Dinham
Monday, 27 April 2009 17:32
Business IT -
Technology
Page 1 of 2
HSBC Securities Services, RBC Dexia Investor Services and Vanguard Investments Australia have now gone live in Australia with automated funds transaction processing over SWIFT.
Announcing the live launch of the service, Tim
Hamer, SWIFT Securities Commercial Manager for Australia & New
Zealand, Tim Hamer, said today “the go-live of the three companies”
followed a two-year project involving market practice work and a pilot
to establish local market practice rules for the use of the standards
to automate local investment fund transactions.
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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