Continuing a stream of deals which shows no sign of slowing, Calastone, the cross-border transaction network for the funds industry, has signed up KBL European Private Bankers, the pan-European fund promoter.

Firms are linking to Calastone’s network in their droves, typically citing the opportunity to remove manual order entry processing as the driver behind their decision. Through being able to send transactions and orders electronically they aim to reduce costs and risk, and also gain a real-time view of order acceptances/rejections and pricing information.  

In addition to providing greater automation and visibility, Calastone’s popularity seems to be driven by the fact that the network translates messages into a standard format, Calastone ISO 20022, irrespective of firms' preferred messaging protocol.

Other firms to recently connect to Calastone include Deutsche Bank Private Weatlh Management UK, Aviva, JO Hambro Capital Management and F&C Asset Management.

In other developments, Bravura Solutions, the Australian wealth management technology firm, has announced an affiliation with Calastone which will allow its clients to connect to the transaction network.