Calastone, the global fund transaction network, has signed up IFSAM, the European investment fund specialist firm, as a client for its SWIFT connectivity system.

Through a single connection between IFSAM and Calastone, the former business does not have to create point-to-point connections, or worry about infrastructure costs, project costs or time to market issues, Calastone said in a statement.

IFSAM serves institutional clients in the funds business. Banks, insurance companies, pension funds and funds of funds use its services such as fund dealing, fund custody and fund research.

Luc Duarte, partner at IFSAM said: “As a niche player supplying value-added services to our European client base, by using Calastone we immediately become ISO 20022 compliant, and don’t need to spend time and effort supporting point-to-point connections or converting existing protocols.

More than 300 clients use Calastone’s transaction network, across 16 domiciles, including the UK, Switzerland, Hong Kong, Taiwan, Singapore and Australia.