Brussels, 24 October 2013
Fund processing standardization continued to make progress in the first half of 2013
EFAMA and SWIFT mid-year report confirms total industry automation rates remains stable
Brussels, 24 October 2013 – The European Fund and Asset Management Association (EFAMA) today published in cooperation with SWIFT, a new report on the evolution of automation and standardisation rates of fund orders received by transfer agents (TAs) in the cross-border fund centres of Luxembourg and Ireland in the first half of 2013.
The report confirms that the total volume of orders increased by 15% to 14.3 million compared to the second half of 2012 with 12.5 million orders. The automation rate and the use of the ISO standards in the fund industry remained stable at 77.8% (from 77.7% in December 2012).
The report is an on-going campaign by EFAMA and SWIFT to highlight the advancement of automation and standardisation rates of orders of cross-border funds. Participating in this survey were 32 TAs in Ireland and Luxembourg, representing more than 80% of the total incoming third-party investment funds order volumes in both markets.
The report highlights are as follows:
• The total automation rate of processed orders of cross-border funds increased to 77.8% in the second quarter of 2013, compared to 77.7% in the fourth quarter of 2012.  However, the rate of standardisation progressed by 2.6 percentage points, reflecting a fall in the use of proprietary File Transfer Protocol (FTP) formats.
• The total automation rate of orders processed in Luxembourg increased by 1.2% to reach 74.9%. This increase was driven almost equally by a greater use of ISO messaging standards and proprietary FTP.
• The total automation rate of orders processed in Ireland decreased to 83.9% in the second quarter of 2013, compared to 85.3% in the fourth quarter of 2012.  Still, the percentage of automated orders based on the ISO messaging standards increased to 23.5% in the second quarter of 2013, compared to 19.3% in the fourth quarter of 2013. 

Peter De Proft, EFAMA Director General, notes:
“The progress of automation and standardization continued during the first half of 2013, thanks to a greater use of ISO messaging standards.  This is good news for the industry as greater automation goes hand in hand with improved cost-efficiency.  Looking forward, reaching a total automation rate of 80% supported by a 50% ISO standardization rate should remain a medium term goal.”
Fabian Vandenreydt, Head of Securities Markets & Core Business Development, SWIFT, adds:
“Although there has been very little movement towards automation in the last six months, an increase in total order volumes, combined with an ISO progression away from proprietary FTP, continues to demonstrate the priority that the industry has set to itself in the evolution of funds processing standardisation. It remains however crucial to pursue the quest towards more automation, and to decrease the level of manually processed orders. This is where a revamp of a large-scale Kill the Fax programme might be important to deliver tangible results.”
– Ends –
* Please see the accompanying attachment for the joint EFAMA/SWIFT standardisation mid 2013 report and the ‘Notes to editors’ section for further information about EFAMA and SWIFT.
For further information, please contact:
Peter De Proft                    Bernard Delbecque
Director General                 Director of Economics and Research
EFAMA                              EFAMA
+32-2-513 39 69              +32-2-513 39 69       
Valérie Letellier     
Senior Market Manager
+32-2-655 39 44
Notes to editors:
About the European Fund and Asset Management Association (EFAMA)
EFAMA is the representative association for the European investment management industry. EFAMA represents through its 27 member associations and 60 corporate members about EUR 15 trillion in assets under management of which EUR 9.2 trillion managed by over 55,000 investment funds at end June 2013. Close to 35,500 of these funds were UCITS (Undertakings for Collective Investments in Transferable Securities) funds. For more information about EFAMA, please visit
SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect over 10,000 banking organisations, securities institutions and corporate customers in 212 countries. SWIFT enables its users to exchange automated, standardised financial information securely and reliably, thereby lowering costs, reducing operational risk and eliminating operational inefficiencies. SWIFT also brings the financial community together to work collaboratively to shape market practice, define standards and debate issues of mutual interest. For more information about SWIFT, please visit
The report can be downloaded on the websites of EFAMA and SWIFT.