Calastone, a UK-based cross-border transaction network for the mutual funds industry, has partnered with Barclays to launch an automatic net fund settlement service.
The new automatic reconciliation process will allow settlements to be cleared on a once-daily net basis for both clients and non-clients, according to Fundweb.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The new service is also expected to reduce cash-flow exposure and reduce counterparty risk.
Dan Llewellyn, managing director of UK sales at Calastone, said: "From deal execution to settlement no manual intervention has been needed and we have seen the time frames reduced by on average 7 hours on the day of settlement allowing distributors and fund managers access to liquidity much earlier in the day, reducing risk and processing dramatically. "
Bill Wrest, director of Barclays Corporate Banking, said: "This solution brings to the market increased transparency and significant benefits in both cost and risk reduction to the funds industry."
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
