Efama, Swift announce rising rates of automation
The rate of automation of fund orders across borders increased again over the past year to 85.4%, according to the most recent annual report jointly published by the European Fund and Asset Management Association (Efama) and Swift, the global network that connects banks and other financial institutions.
The rate of automation figure is achieved by looking at fudn orders received by transfer agents (TAs) based in Luxembourg and Ireland in 2015. Some 29 TAs took part in the research.
Rising rates of automation occurred as the industry handled an overall increase of 11.5% in the volume of cross-border orders. the 29 TAs surveyed for the results reported 34.1 million order through the year.
Split out by the last quarter of 2015, the data suggests that automation levels in Luxembourg reached 82.9% against a rate of 81.3% in the last quarter of 2014. In Ireland the respective fitures were 89.7% and 85.6%.
Efama and Swift said that the increasing adoption of automation points to increasing efficiency in back office operations across Europe.
To view the report click here: Joint EFAMA SWIFT Standardisation Survey 2015 Annual Report