IOOF signs on to Calastone network
Global transaction network specialist company, Calastone, has announced that IOOF has joined its Global Funds Transaction Network.
The company announced the arrangement today, stating that it now had seven of Australia's top 10 platform administrators using its network, representing around 60 per cent of the Australian market.
Commenting on the move, Calastone Australia managing director, Shannon Sweeney said the signing of IOOF represented an important milestone in the automation of the Australian fund industry.
"IOOF represents another important plank of the automation process in Australia," she said. "In other markets Calastone is the key utility for the industry, connecting funds and platforms so they can communicate efficiently without the need for paper-based processes.
"In Australia we've now passed the tipping point and we see the industry accelerating towards full automation."
The company will celebrate its two year anniversary in Australia next month.
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