Financial services

SWIFTNet Funds SaaS product for Asia

3 November 2010

WealthCraft Systems has achieved a breakthrough for automated funds dealing in Asia with the region’s first SWIFTNet Funds software-as-a-service (SaaS) platform, FundsMX.

The Hong Kong-based financial technology specialist is also one of the first companies in the world to be approved as a SWIFT ‘Non-Supervised Entity’ user.

WealthCraft has seized the opportunity to help financial services firms automate business-critical but traditionally error-prone manual funds processes

Karen Cone, Microsoft WealthCraft CEO, Kelly Tallas explained: “Right now almost all funds dealing in Asia are executed by expensive, slow, error-prone paper-based processes. Financial institutions acknowledge the inefficiencies, but the majority have not moved towards automation because of the very high upfront infrastructure costs required.”

“FundsMXTM provides a cost-effective SaaS solution to institutions and fund distributors by offering full automation on a pay-per-message basis,” added Tallas. “This will virtually eliminate dealing errors for banks and life companies that deal with multiple fund managers. For stockbrokers, it provides access to the world’s best performing investment funds through a single, automated platform. Fund managers on the platform gain distribution through a single platform that gives access to multiple distributors.”

Wallace Chan, director, Enterprise & Partner Group ̶ Global, Microsoft Hong Kong, said: “WealthCraft has once again demonstrated its willingness to innovate and provide new solutions for the financial services industry. FundsMXTM increases the company’s competitive advantage further and we look forward to continuing our collaboration with them to provide automated funds dealing technology to financial services firms throughout the region.”

Karen Cone, general manager, Worldwide Financial Services, Microsoft, said: “WealthCraft demonstrates the power of our partner-led solutions approach by opening up a new market and seizing the opportunity to help financial services firms automate business-critical but traditionally error-prone manual funds processes. The FundsMX solution built on the .NET Platform with SQL Server 2008 and Windows Server 2008 provides a comprehensive, reliable and cost-effective messaging service using the SWIFT format and network.”

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