Group chairman and Cofunds managing director Stephen Mohan says ISO 20022 will be the standards for connecting platform IT systems, fund managers and other administrative services as part of its platform to platform re-registration initiative.
Mohan says: “Today’s selection is a key moment in realising this commitment. The next stage is to consult across the platform and fund management community to ensure that we achieve their full buy-in to deliver this. Their buy-in at this stage will be important as there will need to be significant investment across the industry to ensure success.”
The group is now seeking industry approval of its decision to adopt ISO 20022, the standard for financial services messaging, as the industry standard.
Mohan says: “With the standards for connectivity established we are keen to then quickly move to achieving agreement on the timings, commercials and service levels.”
The news comes after Mohan hinted at the solution during the TISA platform to platform re-registration open meeting in London
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Financial Technology Research Centre director Ian McKenna says: “It is excellent to see the UK Platform Group showing some leadership, platform to platform re-registration has been a contentious issue for too long.
“All market players should embrace the initiative and move quickly to make this much needed service a reality. Any organisation that resists such change will be constraining their own growth potential.”