The financial services software company has announced it is integrating Objective Corporation with its blockchain technology for its design and distribution obligations (DDO) solution.
The integration will allow product issuers to publish Target Market Determinations (TMDs) created through Objective's Keystone software directly into the blockchain.
ASIC's RG 274 Product design and distribution obligations aims to help consumers obtain appropriate financial products by requiring issuers and distributors to have a "consumer-centric approach" to the design and distribution of products.
Product issuers must design financial products in a targeted manner and financial products must be designed according to the objectives, financial situation and needs of the consumers.
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The Keystone TMD solution will assist issuers through the template design process, from authoring to approval and publishing.
"We know that our Keystone solution helps organisations reduce costs while strengthening risk and governance protocols which is why our solution is purpose built to help financial services businesses manage the new TMD obligations," Objective chief executive Tony Walls said.
As previously announced, Iress' DDO solution has three key features: TMD storage, a messaging solution to facilitate distributor and issuer contact and information for licensees and advisers by providing TMDs to them and their clients.
"This legislation represents a challenge no traditional system or process in this industry can overcome, or that any one party can solve in isolation," Iress chief commercial officer Michael Blomfield said.
"We've seen strong interest from across the industry in a solution which addresses this challenge of multilateral validation and communication in a way that doesn't add unnecessary cost or complexity. Today's announcement represents another step forward in achieving this."
Last month, Morningstar also announced a DDO solution that will allow Target Market Determination (TMD) data to be backed by the 8300-unit prices daily, 4000 portfolios monthly and hundreds of PDS documents it collects and processes.