Global funds transaction network Calastone has broadened its reach into New Zealand, allowing fund managers, platforms and their counterparts to communicate across the Tasman.
Calastone managing director Sarah Hayward put the announcement down to Australian companies seeking cross-border opportunities and New Zealand players embracing automation.
"New Zealand firms can now benefit from the efficiency of streamlined processing that we provide around the globe, where momentum, size and governance have out-dated manual processing," Ms Hayward said.
Calastone operates like a "universal adapter", she said, connecting existing systems around the world.
Tom Reiher, COO and co-founder of New Zealand fund administrator MMc – a Calastone client – said the growing number of New Zealanders investing will make "archaic" manual processes "unsustainable".
"Using Calastone, we’ll be able to scale up to efficiently process much higher volumes of transactions at a reasonable marginal cost," Mr Reiher said.
"Calastone brings a scalable, manageable and controllable solution that relieves us from the intense information flow associated with the large volume of transactions we manage every year."