JP Morgan Asset Management has signed on to a new service from global funds network Calastone, introducing automated settlements to its Morgan Money trading platform.
The asset management giant stated it will initially use the Money Markets service from Calastone to enhance its settlements process, bringing automated settlements to its liquidity management platform.
Morgan Money will be the first platform to offer automated settlements to its users with Calastone’s technology, allowing users to settle trades in real time with automated trade workflow.
Calastone reported it digitises the investment and reporting process for money market portals, fund providers and investors. The current pandemic was said to have heightened the need for greater levels of automation among fund providers and investors.
Dan Kramer, vice-chair of Calastone, Americas commented: “Now more than ever, it is essential for fund providers to stay competitive, attractive and meet the future needs of investors.”
Ed Lopez, chief revenue officer at Calastone added traditional models have remained under “immense pressure” and have come up short.
“The key to managing this new post-COVID world and to staying attractive in it, sits in embracing new, smart technologies and making the switch from manual to automated,” Mr Lopez said.
“To see JP Morgan share in our vision and champion innovation is fantastic – and it gives us even greater confidence [in] the real potential for how far our Money Markets Services can go long-term.”
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].
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