Euroclear Sweden and Tietoevry cooperate to digitalize and automate fund market processes
Euroclear Sweden and Tietoevry are pleased to announce further progress in their mission to drive digital transformation in the Nordic fund market including modifying mutual fund processing which is still a manual and non-standard procedure.
WEBWIRE – Monday, March 28, 2022
Tietoevry and Euroclear Sweden have been collaborating for several years, both providing services and solutions to enable the fund market and its members to automate and digitalize processes to increase efficiency, reduce risk and cost and increase transparency.
Euroclear Sweden and Tietoevry are helping several distributors and fund companies to automate their fund trade process by providing a standardized digital solution (ISO 20022) enabling customer interaction with Euroclear Sweden´s fund services business in conjunction with Tietoevry solutions. The service supports both the sell and buy sides of fund distribution, providing automated order routing and related end-to-end Straight Through Processing.
The biggest customer gains of digitalizing fund orders and fund transfers are to minimize manual errors and to reduce email and fax-based processes. This generates cost efficiency, full traceability, timely handling, providing true end to end client benefit. In addition, decreased processing times from weeks to days, reduces the period where fund investors have no access to market during the fund transfer.
It is a natural next step in our long partnership, to once again work together and combine our services and solutions to bring the benefits of automated fund transfers and continue the transformation of fund processing in the Nordic market, says Sandra Holmqvist, Chief Business Development Officer at Euroclear Sweden.
It is essential that Tietoevry as solution provider and Euroclear Sweden as financial market infrastructure, work closely together to be enablers for digitalization and market efficiency. We believe that true strength lies in cooperation, continuous dialogues and standardized services and solutions, says Tobie Horne, Product Advisory Wealth at Tietoevry Banking.
About Euroclear Sweden
Euroclear Sweden has been the Swedish Central Securities Depository since 1971. As a financial market infrastructure, we provide issuance, settlement, safe-keeping and servicing of securities, which contribute to the secure and efficient functioning of the Swedish financial market. Since 2008, the company is part of Euroclear group, which includes Euroclear Bank, Euroclear Belgium, Euroclear France, Euroclear Finland, Euroclear Nederland, Euroclear Sweden, Euroclear UK & International and MFEX. www.euroclear.com/sweden
Tietoevry creates purposeful technology that reinvents the world for good. We are a leading technology company with a strong Nordic heritage and global capabilities. Based on our core values of openness, trust and diversity, we work with our customers to develop digital futures where businesses, societies, and humanity thrive.
Our 24,000 experts globally specialize in cloud, data, and software, serving thousands of enterprise and public-sector customers in more than 90 countries. Tietoevrys annual turnover is approximately EUR 3 billion and the companys shares are listed on the NASDAQ exchange in Helsinki and Stockholm, as well as on Oslo Børs. www.tietoevry.com