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Calastone Limited announced today that RBC Dexia’s Dublin based mutual fund custodian and investor services branch has signed an agreement to become a participant of the global Calastone network. Signing up to Calastone will enable RBC Dexia’s clients to benefit from automation and transaction efficiencies by accessing its network of mutual fund providers and distributors.
RBC Dexia has been a leading exponent of automation to improve the flexibility, reduce the risk, and improve the cost efficiency of funds transactions, being the first user of ISO20022 funds messages in Ireland. Through Calastone, the only independent cross-border transaction network for the mutual funds industry, RBC Dexia’s clients will be able to leverage the benefits of these leading edge standards, without further technology developments. Full STP throughout the transaction lifecycle, transparency and control will be achieved through Calastone’s real time execution management system. RBC Dexia will be one of the first firms to be able to offer these services in Ireland.
Calastone’s transaction network services automate associated administrative processes, including account opening, re-registration, creations and liquidation, switches, client reporting and account management administration. Calastone is the only venue where the global fund industry can meet to transact their mutual funds within its growing community of fund providers, distributors, wrap platforms, wealth managers, stockbrokers, transfer agents, hedge funds and pension funds.
Kevin Lee, Managing Director of Calastone commented: “Dublin is a key market for Calastone and we are delighted to welcome RBC Dexia to our fast growing list of international participants. Interoperability and inclusion of all categories of mutual fund participants will ensure 100% STP for all the industry and the ongoing collaboration from providers, distributors and transfer agents will help us to help the industry achieve full STP.”
Padraig Kenny, Managing Director at RBC Dexia in Dublin added, “Our first priority is to our clients, which is borne out by our continued investment in leading edge technology. Automation of the mutual fund industry will lead to increased accuracy, reduced risk and improved costs which will ultimately benefit the entire industry. RBC Dexia was at the forefront of ISO20022 adoption across the globe and now seeks to be able to share the advantages of this with clients in the simplest way possible. Calastone helps us to achieve this goal”
