Europe’s umbrella trade body for the funds industry says that automation in funds processing automation reached “new heights” last year.
The total automation rate of cross-border fund orders grew to 91.8% in Q4 2019, up from 90.4% in Q4 2018, according to the European Fund and Asset Management Association (Efama).
Efama director general Tanguy van de Werve said: “The increase in the automation rate illustrates the efforts by European fund managers to reduce operational risks, increase efficiencies and generate cost savings.”
Janice Chapman, manager at Swift, added: “This [increase] is nicely backed up by an increase of funds volumes on Swift for orders as well as increase for the other fund business processes supported by ISO 20022 mesaging, such as fund portfolio and asset transfers.”
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