This publication brings latest news from the world of fintech.

Hargreaves Lansdown, the wealth management firm, has gone live with the fund settlement solution of Calastone, the funds transaction network.

Calastone Settlements automates reconciliation and settlement of investment funds, a system that Calastone says slashes settlement payments by up to 52 per cent. To give some notion of the achievement, Calastone estimates that as much as £158 billion of unnecessary settlement payments were made last year.

“Automatic matching of trades and the netting of settlement positions early in the day will improve the efficiency of our operational and treasury teams. Given the number of transactions that Hargreaves Lansdown processes this is of huge benefit,” said Danny Cox, head of communications at Hargreaves Lansdown.

The rise of firms such as Calastone is part of how the fund management industry has moved on from manual, paper-based accounting and transactions to a model based around modern IT.