The agreement with Calastone, the independent transaction network for the mutual funds industry, is part of Transact plans to gain electronic connectivity to fund providers through a single connection.
With orders sent electronically via Calastone, Transact will benefit from fully electronic straight through processing.
Distributors and platforms can connect directly from their existing order management systems or use Calastone’s execution management system.
Calastone managing director Kevin Lee says: “We are delighted to see another major client benefiting from the Calastone mutual fund service. As Calastone continues to expand, Transact will benefit from the ability to send orders electronically to a growing number of fund providers.
“It is our ultimate aim to offer the mutual funds industry complete front-to-back STP regardless of the incumbent technology or connectivity chosen by each participant.”
Transact head of operations Mark Links says: “We look forward to working with Kevin and his team to provide connectivity to those counterparties who may not already have the technology or the budgets to do business electronically by other means.”