Calastone, the cross-border transaction network for the mutual funds industry, has introduced reconciliation functions to its Execution Management System, citing growing demand from distributors to centralise and automate such services.

Calastone says its messaging and translation service converts any instruction to ISO 20022, a process that lets fund managers automatically send their reconciliation data to their distributors in any format.

"This development will remove considerable operational risk from our offering and we compliment Calastone on being ahead of the game once again and providing a service required by the market for the benefit of the market. We urge others to join and reap the cost savings and efficiency benefits," said Christopher James, director for institutional services at Cofunds, the funds platform.