Overall volume of processed orders of cross-border funds grew by 15% to 14.3 million in the first half of 2013, compared to 12.5 million orders in the second half of 2012, according to a survey report published by the European Fund and Asset Management Association (EFAMA), in partnership with SWIFT.
However, the survey found that the automation rate and the use of the ISO standards in the fund industry remained stable at 77.8% in the first half of 2013 from 77.7% in December last year.
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Overall automation rate of processed orders of cross-border funds grew to 77.8% in the second quarter of 2013, compared to 77.7% in the final quarter of last year.
The survey, which covered 32 transfer agents in Ireland and Luxembourg, also found rise in the rate of standardisation by 2.6 percentage points, marking a fall in the use of proprietary File Transfer Protocol (FTP) formats.
The total automation rate of orders processed in Luxembourg grew by 1.2% to reach 74.9% in the second quarter of 2013, primarily due to wide usage of ISO messaging standards and proprietary FTP.
However, overall automation rate of orders processed in Ireland fell by 83.9% in the second quarter of 2013 over 85.3% in the final quarter of last year.
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By GlobalDataEFAMA director general Peter De Proft said that the progress of automation and standardization continued during the first half of 2013 due to a greater use of ISO messaging standards.
"Looking forward, reaching a total automation rate of 80% supported by a 50% ISO standardization rate should remain a medium term goal," De Proft added.
