City Financial is setting up an e-commerce platform to provide third-party
admin for unit trusts and Oeics.
The Io system, which uses the EMX platform, allows users to trade unit
trusts and Oeics over the net from the provider's own website.
Unit trust managers outsourcing their back-office systems to City
Financial can offer advisers a link to EMX. IFAs, direct customers and
salesforces not linked to EMX will also be able to trade through the
provider's websites. The Io platform will be further developed to use
digital signatures and electronic payments. Io's processing system can
automatically process orders.
City Financial chief executive Stephen Cooke says: Buyers, whether direct
subscribers or IFAs, will demand such functionality. A lack of it will
signal systems' backwardness and they will shop elsewhere.”