During âThe Future of STP for UK Fundsâ forum, co-hosted by Altus, SWIFT and Bottomline SMA in May, it became clear that STP has rapidly become a âhygiene factorâ. The forum, exploring the challenges, benefits and opportunities for STP trading over ISO20022 and SWIFT, featured a line-up of industry experts including representatives from BlackRock, Legal & General, Mercer, Punter Southall, Xafinity and many more.
âViaNova support is gathering momentum among smaller administrators and is increasingly seen as a prerequisite for winning new businessâ commented Rich Tuff from Mercer who moderated the Pension Scheme panel on the day, âI thought it was encouraging to hear that the panel were still happy to devote resources to help late entrants test and adopt STPâ.
It was revealed both pension and investment administrators are pushing for greater adoption from each other and uptake appears to have doubled since the beginning of 2010. âThe immediate benefit to clients of Punter Southall of an automated approach is a reduction in administrative effortâ recent adopter and panellist David Watkins from Punter Southall commented, âMore important, however, is the reduction in risk as well as an improved service to clients by providing a faster and more frequent transaction cycleâ.
Altus Products Director, Ben Cocks commented âAltus takes a broad view of STP and tailors its products towards consistent, well-controlled and automated end-to-end processes. The Altus Funds Gateway (AFG) and Altus Instruction Gateway (AIG) automate the whole investment process and are designed to minimise the impact on the existing system landscape for ease of deployment. Ultimately our aim is to deliver greater efficiencies and reduced risk. All signs seem to indicate that pension and investment administrators are now on the same page.â