TISA Universal Reporting Network (TURN), an industry blockchain solution for the collection and dissemination of fund related data, today announces TURN Solution Partners, a panel made up of ACOLIN, DFIN, FundConnect and Kneip. The solution partners will provide value-add services, such as data collection, validation and aggregation, for asset managers and distribution businesses that use TURN.
The partnership with these vendor suppliers ensures that TURN can provide the asset management, data vendor and distribution industries with a simple yet holistic solution to improving their operating models and costs. While TURN is a blockchain tool to aggregate and disseminate fund-related data, the partnership panel provides wider and value-add services. The overall aim of this alliance is to help more businesses increase their market compliance, reduce regulatory and operational costs, and provide a better service to investors.
The creation of TURN Solution Partners will give firms more personalisation and flexibility when adopting TURN’s Eco-System offering, which includes data calculation, validation, aggregation, dissemination and more. In light of the pandemic, TURN is facilitating a digital procurement process by introducing a digital RFP on its website.
Deutsche Wealth Services, MFEX, Calastone, Transact, Deutsche Bank, Allfunds, Link Group, and Fidelity are some of the notable firms using the platform.
The industry utility, powered by Atos, a global leader in digital transformation, officially launched in October 2020. It eases regulatory reporting requirements of MiFID II and will be available across Europe based on blockchain technology. All relevant parties have access to the EMTs (European MiFID II Template) on a real time basis and this will be of a high and consistent quality. The scope of TURN is now widening to include EMT, EPT, EFT, ESG, Fund Static Data, Corporate Actions/Dynamic Data and Fund Pricing, with further enhancements that will be a result of the industry defining the future strategic path.
The utility cuts data management costs by 85-90% in year one.
Gary Bond, CEO, TURN, said: “Timeliness and accuracy are consistent issues which TURN can resolve. Our Solution Partners, ACOLIN, DFIN, FundConnect and Kneip, will provide users with a flexible and more personalised service to better suit their needs. This approved panel of providers will make TURN, an industry run not-for-profit, the go-to partner for the European asset management and distribution industries across Europe.”
Aleksandar Kozacenko, Group Head Data Strategy and Governance, ACOLIN, said: “The TURN Solution Partners panel will ensure all businesses’ needs are covered in one utility. ACOLIN are pleased to be part of the panel and with our legal, compliance, data, and distribution solutions we can offer TURN’s users highly specialised knowledge and support for cross border fund distribution.”
Rob Wilson, Senior Vice President, DFIN, said: “As a global leader in the provision of innovative, industry expert-driven financial software solutions, we are delighted to be a part of the TURN approved panel of value-add services. We believe that the combination of DFIN’s ArcRegulatory platform and TURN can help the industry improve their operating models and bring greater transparency to underlying cost and charges and risk and performance data.”
Bianca Popa, Product Development Manager, FundConnect, said: “FundConnect’s FinTech and infrastructure capabilities will assist TURN’s users navigate the complex and cumbersome realm of data quality and timely servicing. We are delighted to be part of the TURN Solution Partners project.”
Ulf Herbig, Head of Product at Kneip, said: “TURN’s new panel of value-add services is a great opportunity to drive even more value out of our industry, and we are delighted to be part of it. As a founding member of TURN, we recognise how critical it is for industry members to come together to make fund distribution more effective and to simplify how asset managers ensure compliance with the ever-changing regulatory world.”