SYDNEY, February 16 2004: Australian financial services software provider, InfoComp, today announces the first implementation of Conductor at Credit Suisse Asset Management (CSAM).
Conductor is an Electronic Messaging system that enables straight through transaction processing for the Financial services industry.
The implementation of Conductor will enable CSAM to significantly reduce the time and costs associated with transaction processing, by eliminating the need to re-key. Fully integrated and automated validations ensure compliance and reduces error rates that require time consuming and expensive human intervention.
Robert DeDominicis, Managing Director of InfoComp said, "Conductor enables seamless straight through processing between front and back end systems. This means Credit Suisse should be able to reduce transaction processing costs by as much as 50 percent, allowing for substantial cost and time savings on their daily transactions."
Brian Thomas, Head of Distribution at Credit Suisse Asset Management said, "CSAM has been keen to link financial front-end systems with investment products for some time. Now InfoComp, Credit Suisse's Market Trust and IWL's VisiPlan have joined together to ensure that advisors will be able to complete financial plans with the real-time transfer of information to our forth-coming Master Trust product."
Richard Gilbert, CEO of Investment and Financial Services Association (IFSA) commented, "Major announcements of initiatives that will drive the e-commerce agenda should have the support of the industry at large"
Conductor enables STP to Composer, Australia's leading fund administration platform, as well as other third party platforms. It is designed to work with a wide range of front-end input systems, including client websites, desktop software, ICR and IVR systems as well as data aggregators. It lets fund managers complete real-time transactions, dramatically reducing turnaround time from approximately three days down to a matter of seconds.
Although the Credit Suisse is the first implementation of its kind in Australia, InfoComp is currently speaking to other fund managers and administrators to develop their own STP enabled systems.