Calastone has launched its new automated distribution service for standardising the flow of information for tax and income statements.
The service connects clients with fund managers, and allows interoperability between managers and platform investors. Users can access the service through existing infrastructure, simultaneously reducing costs and operational risk.
Developed specifically for Australia, the service has already been adopted by investment and superannuation group netwealth.
Paul Hagger, manager of custody at netwealth, said: “We received automated tax statements in the first week of July – a big improvement on waiting for receipt by post or email.”
“We’ve been able to load those statements directly to our administration system, thereby largely eliminating the risks associated with manual input.”
Sarah Hayward, Calastone’s director of Australia, commented: “The income and annual tax statement process has always been an extremely manual and time-consuming undertaking for Australian managed funds. The risk of inefficiency and error has long been a thorn in the industry’s side.”
She added: “At a time when cost pressures are very high, automating and streamlining this process offers huge benefits in redirecting these resources into higher-value work.”
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