- Why Calastone?
The Vienna-based bank, known for its exclusive customer circle, is Calastone’s first user in the country, and is responsible for over €7bn of funds under administration.
In addition to wealth management services, Semper Constantia’s core business covers investment funds and custodial services, the connectivity of which is predominantly transacted in line with ISO 15022, via Swift.
With a selected client base of wealthy individuals, enterprises, private foundations and institutional clients, much of its transaction processing has been traditional as the business felt it did not warrant the time and cost to implement numerous links.
Calastone’s electronic order routing service acts as a conduit between every party involved in the buying and selling of funds, regardless of their size, geography or preferred messaging system and the Execution Management System (EMS) allows users to see the status of their transactions throughout the entire order lifecycle.
By utilising the Calastone Transaction Network (CTN) Semper Constantia can continue to transact in accordance with ISO 15022 (transacted over Swift infrastructure) via a single link to Calastone, as well as enabling full connectivity to its counterparties – whether Swift, ISO 15022, ISO 20022 or any other message formats. This means that they can effectively retire the ISO 15022 link, focusing on a shift to ISO 20022.
The benefits to Semper Constantia include an improved STP rate, faster migration, reduced operational costs as well as freeing up valuable resources that would otherwise be spent carrying out testing procedures.
The CTN has been designed around two key concepts: interoperability and user choice. Interoperability comes from the number of possible interactions, where greater user choice stems from its impartial position of not favouring any one particular connectivity option or format.
By removing all technical barriers to the automation of fund order processing, Calastone can provide greater freedom and flexibility for its clients without them having to invest in any new technology.
Isabell de Wit, manager, European sales at Calastone, said: “We are thrilled to be working with Semper Constantia, who realised the value added of using Calastone and welcome them as our first Austrian distributor. Hopefully as the market recognises their foresight in automating their order traffic, others in the region will take up our services as we strive to enable more widespread STP across the funds industry.”