Technology
OneVue, Mainstream automate cross-platform transfers

OneVue and Mainstream Group have partnered with Calastone to help financial advisers seamlessly move assets from one platform to another.

The process enables the transfer of beneficial ownership of securities from different custodians without having to be sold and repurchased through the market.

Calastone's solution - which has processed more than 30,000 transfers - was introduced in 2017, and has resulted in average transfer times dropping from two weeks to less than 12 hours.

With OneVue and Mainstream now linked to the network, Calastone has managed to bring seven registries, six platforms and 48 fund managers into the fold.

Calastone acting head of Australia and New Zealand Ross Fox said both the number of registered participants and the volume of transfers have trebled over the last 12 months.

"Calastone's transfers solution addresses a major friction point that has long frustrated industry participants due to the intensive documentation and authorisation required when an adviser initiates a single or bulk transfer to a different platform," Fox said.

"Straight-through-processing allows for seamless and transparent transfers, removing the uncertainty, delays and risk inherent in manual processing of these complex transactions."

OneVue deputy group chief executive Richard Harris-Smith said the firm has saved time and prevented risks as a result of Calastone's solution, which indicates there is more value to be unlocked for the industry through automation.

Mainstream's Australian chief Andy Harrison noted immediate benefits had been noticed by clients.

Netwealth has used the solution since its roll out, and the platform's head of custody Paul Hagger said the ability to transfer holdings across platforms was important for competition in the sector.

"The platform space continues to embrace innovation and technology to both enhance and differentiate its value and portfolio of services, so the ability to transfer holdings across platforms is key to market efficiency and competition," Hagger said.

"By automating the highly manual and costly transfers process, Calastone is enabling greater efficiency, confidence and certainty in how the managed funds supply chain interacts."

Read more: CalastoneOneVueMainstream GroupRoss FoxPaul HaggerAndy HarrisonNetwealthRichard Harris-Smith
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