The latest technology news in the wealth management sector from around the world.

Message Labs, IAWMC
Message Labs, a UK-based financial messaging and assurance firm, has teamed up with Investment & Wealth Management Consultants to explore how to apply its solutions to the wealth management sector.

Steve Dyson, managing director of IAWMC, hailed the partnership. 

“For firms who are in the process of building or testing financial applications that need to exchange messages with third parties, Message Labs’ design tools and assurance environments facilitate the automated testing of software throughout the development lifecycle – from unit testing through integration and user acceptance testing, right up to high-volume test phases such as operational or regression testing,” Dyson said.

Message Labs’ solutions include the ability to simulate a number of third parties that receive, validate and process messages issued by an organisation and provide appropriate responses for an end-to-end lifecycle. These solutions cut testing times, among other benefits. This technology caters to a need to validate all kinds of messages, for example messages about asset settlement and payments, that financial firms and others make.

Kevin Wooldridge is CEO of Message Labs.

Citigroup, Fenergo
Citigroup’s global transfer agency business has deployed the client lifecycle management platform of Fenergo to digitalise investor onboarding and due diligence services for European regulated funds.

Transfer agency involves managing shareholder records and facilitating ownership transfer for publicly traded companies and investment funds across different jurisdictions.

By using Fenergo’s platform, Citigroup enables customised policy-driven risk assessment for anti-money laundering and know your customer checks for clients.

The US bank’s global transfer agency unit is part of Citigroup’s fund services, catering to institutional clients including asset managers and investment managers.

“As the regulatory environment evolves, the adoption of Fenergo ensures that we move at pace with the industry while providing a real-time view of investor statuses,” Larissa Sototskaya, head of global transfer agency at Citi Fund Services, said.