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Integration into Nasdaq Nordic Fund Market reduces risks and increases efficiency

Itello now offers an integration to the Nordic Fund Market provided by Nasdaq. It facilitates execution of fund orders, reduces administrative risks and reduces costs in the Swedish, Norwegian and Finish mutual fund markets.

Automated fund order execution

Many insurance companies have, despite an otherwise automated fund order management, a manually last step in which fund orders are sent to fund companies by fax or mail. It is administratively burdensome, costly and involves both operational and financial risk.

One reason why digitization has not come any longer is the need for integration with a large number of fund companies in order to offer a good range of funds. The integration takes place either in the form of the Swift standard protocol or through a variety of proprietary solutions while there are fund companies that do not at all support electronic ordering. All in all, it makes it costly and administrative too heavy for an insurance company to create and maintain direct electronic channels with a number of fund managers.

One solution to this problem is to allow the ordering to go through a fund trading platform that is responsible for communication with the various fund companies in the market. Nasdaq has a routing service, Nordic Fund Market, which offers electronic trading with market fund companies, regardless of underlying integration.

In Inca 17.2, released 2017, we have built a basic platform for automated fund ordering through external fund trading platforms. The platform is built to be relatively easy to build to handle different platforms in the market. In Inca 17.2, support for trading via Nordic Fund Market is introduced. This means that our customers through Inca can now fully automate the fund trading.

A fully automated fund trading places great demands on monitoring and error management. Inca, therefore, offers multi-level alarm capabilities, user interfaces to easily review status, and ability, temporarily or permanently, to redirect to manual ordering if required.

Simpler, safer and cost effective for our customers and their unit liked policyholders and in the local savings products in Sweden (IPS and ISK) in Norway (IPA and IPS) and in Finland.

Read more about the integrations provided by Itello facilitating automation of the critical policy administration processes.

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  • February 15, 2018