Accounting and administration provider to funds managers, White Outsourcing, has joined the SWIFT network through a service bureau solution.
The administrator plans to use around a dozen of the standardised SWIFT messages to automate the settlement of trades, corporate actions, cash, and holdings statements by the fourth quarter of this year. White Outsourcing performs around 2000 trades a day on behalf of its funds manager clients. On the decision to move to the network, Andrew Harrison, investment operations director at White Outsourcing, said: “We are looking to automate wherever possible, and there was no other option really. SWIFT is the market standard.” Automation reduces the amount of paper used, and will eventually eliminate the need for faxes, he said. Harrison said the current network, IRESS, would still be used for matching trades, but it will no longer be needed for sending trades to the custodian once the SWIFT network is in place. Decillion Solutions Australia, a service bureau for SWIFT, will act as a host for White Outsourcing, taking care of the file formatting, gateway access, and updating of new messages.
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