Progress towards same-day platform transfers moved up a gear with three announcements last week detailing the latest messaging services developments, according to TISA.
TISA says that the news from Altus that it had sent its first ISO 20022 re-registration messages over the SWIFT network, combined with Bravura's plans to enhance its fund messaging solution to incorporate re-registration capabilities and Calastone's announcement regarding its solution and interoperability advances, mean that the industry is now starting to discuss same-day transfers.
Last year Origo, the industry body responsible for the pensions transfer system Options, achieved a similar milestone in the plans to automate re-registration across SWIFT when it tested ISO 20022 re-registration messages over the SWIFT Vendor Test Bed.
David Dalton-Brown, Chairman of the TISA Re-Registration Executive Committee commented:
"Progress to date has been remarkable. It's worth remembering that when TISA established its re-registration project in July 2009 in-specie transfers were unheard of. Since then we have worked with the industry to encourage transfers between providers and to develop standards and automated processes.
"Six months ago we were talking about an 11-day transfer turnaround. Now, as a result of the standards and interoperability that TISA's project workstreams have delivered, these latest announcements, coupled with Origo's continuing developments and testing mean that we can confidently expect a much faster completion of in-specie transfers. This will be a real benefit to investors.
"There is still some way to go if the industry is to deliver an automated service before the end of 2012 RDR deadline. But the signs are good and I want financial institutions and systems providers to continue in the same positive direction. Indeed the competitive co-operation between systems providers is likely to help deliver the project ahead of this deadline."
Following the creation of a Re-registration Committee in July 2009, TISA established an Executive Committee, Programme Office and dedicated work streams to deliver the implementation of the re-registration project prior to the Retail Distribution Review coming into effect at the end of 2012.
TISA represents the interests of over 120 firms involved in supplying, administering or distributing products to savers and investors. TISA's membership includes investment houses, TPA providers, Wrap and Platform providers, life companies, IT systems providers, distributors, stockbrokers, banks and wealth management companies.
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