New FundsMX™ solution is a cost effective, automated transaction bridge between Fund Distributors and Fund Houses
Hong Kong, 8 October, 2008 – WealthCraft Systems Inc (OTCBB: WCSY), a leading IT solution provider for financial institutions, has launched FundsMX™, a new one-stop “automated mutual funds platform” advancing Asia’s booming funds distribution business.
The FundsMX™ platform provides fund distributors such as banks and IFAs a cost effective, single access point enabling automation of mutual fund transactions with an extensive range of SWIFT enabled fund houses.
FundsMX™ was officially launched at SWIFT’s APAC regional MasterClass in
WealthCraft CEO Kelly Tallas said: “Automating Asia's booming fund business is no small task, but it is becoming increasingly urgent”.
“Asian investors have poured over US$100 billion into local and offshore funds this year and the industry expects the region’s mutual funds sector to continue to grow dramatically”.
“Yet the Asian fund industry is also facing major operational challenges, such as human errors in processing, retaining quality & experienced staff, and no common format for automation.”
The newly launched FundsMX™ platform responds with major benefits beyond its obvious ‘one stop’ solution.
“Automating mutual fund transactions reduces the complexity, cost and risk associated with manual processing, enabling financial advisors to spend more time in value-added customer service rather than faxing orders and compiling statements,” said Mr Tallas.
FundsMX™ will enable direct access to an extensive range of local and off-shore investments, including the majority of Hong Kong and Singapore Authorized Funds.
It also incorporates a Portfolio Management Service with client access to an automated, consolidated view of portfolio holdings.
Distributors accessing the mutual funds platform can automate mutual fund transactions using Wealthcraft’s FundsMX™ for transactions such as subscriptions, redemptions and switch orders through user friendly input screens.
For distributors who already have a mutual funds trading platform, industry standard web services can be used to send and receive SWIFTNet fund messages.
Distributors utilizing proprietary file formats can easily and securely interface with WealthCraft’s FundsMX™ where the data is automatically translated into corresponding SWIFTNet fund messages.
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