The new service will help Taiwan Fund distributors, master agents and offshore fund managers to benefit from the global trend towards automated order flow processing.
Calastone has received the approval from TDCC and Financial Supervisory Commission (FSC) to act as an official service provider for the TDCC in October 2012.
According to the UK payment company, it handles more than 1 million funds messages per month over its network, which is growing at 6.2% average compound monthly rate since November 2008.
The company has been engaged with Taiwan financial firms since 2010, with 4 Taiwan Bank fund distributors currently processing daily offshore fund orders through Calastone on the SWIFT network.
Covering close to 70% of offshore fund ranges registered for sale in Taiwan, the payment processor already offers live and proven electronic connectivity into the main offshore fund managers and transfer agents.
Founded in March 2007, the company offers the technology for the whole mutual fund market to become fully electronic to reduce costs and operating risks.
