Bravura to tackle RDR re-registration requirements
London, 9 May 2011 (ASX: BVA) – Bravura Solutions Limited (Bravura) – a leading global supplier of transfer agency and wealth management software applications and professional services – today announced plans to enhance its Babel fund messaging solution to incorporate re-registration capabilities.
The proposed Retail Distribution Review (RDR) requires all platforms to offer re-registration capabilities by 2013. Since Bravura’s technology is already deployed across a large proportion of the UK fund management industry, the company is 100 per cent committed and ideally positioned to enable fund managers and platforms to achieve compliance by the deadline of December 31st 2012.
Integrating messaging delivery with back office systems is vital for achieving true automation. Babel connects message providers with any platform and transfer agency back office system providing seamless communication and functionality. The flow of information straight through to back office systems will provide the ability to re-register assets within just one day.
Designed to complement existing message provider services, Babel will offer fund managers and platforms a fully automated re-registration solution. It will remove the need for time consuming manual processes associated with the transfer of funds including ISAs, Unit Trusts and OEICs (cash or stock) and will significantly reduce errors and boost efficiency.
Tony Klim, EMEA CEO at Bravura said: “As a trusted supplier of technologies across the transfer agency and platform sectors, we are delighted to be able to support a cross-industry utility for the transfer of a broad range of assets and wrappers.” He added, “The TISA recommended timeframe for re-registration of assets is 11 days but Babel, an automated system with true end-to-end processing, is able to perform the process in less than 24 hours, removing the challenges associated with manual processing including inefficiencies and errors.”
More than just a generic transformation tool, Babel is a modular straight through processing (STP) messaging platform which is already being widely used across the industry for automated messaging and back office integration services. It is designed to handle the complexities associated with communication between different messaging platforms such as SWIFT, EMX and NSCC.
Babel provides transformation, enrichment, validation and workflow services to provide a cost effective STP platform. It minimises the number of changes required to back-office systems, enabling transfer agents and platforms to utilise evolving messaging standards and industry initiatives.
Future development will enable Babel to also support re-registration of non-ISA products such as pensions including assets such as equities, ETFS & PAIFs.