Urdorf, 15 November 2016 | The Swiss initiative openfunds has introduced a new and freely available standard for efficient and high-quality fund data transmission. In successful cooperation with LB(Swiss) Investment AG, Profidata has implemented this standard in XENTIS.

Fund master data is often transferred between fund administrators and distribution partners using a customised format, as the content and form of the report are mainly specified by the distribution partners. The large number of manually created spreadsheets results in error-prone data transfer. In addition, the specified information fields allow room for interpretation, which makes coordination between fund administrators and distribution partners difficult. Furthermore, both the volume and speed of information transmission in the fund business are continuously increasing, while at the same time there are delays in information transmission. The openfunds initiative counters this by specifying an open and expandable standard. openfunds enables the transmission and automatic validation of essential fund master data with the aim of increasing efficiency and quality in the distribution of fund data.

LB(Swiss) Investment AG uses the reporting module already introduced by Profidata in XENTIS to report fund master data in accordance with the field definitions specified by openfunds. The fund master data issued primarily consists of fields and field lists that are defined in advance by the user via a parameterisation layer in XENTIS. The evaluation is generated manually or automatically for individual funds or fund groups – optionally in several languages. The entire report creation process can be monitored and traced using a processing log. Version 1.00 of the openfunds field definition dated 27 June 2016 is currently implemented in XENTIS. The flexible system structures of XENTIS ensure that reports can be quickly adapted to future version changes.

Marcel Weiss, Managing Director of LB(Swiss) Investment AG, states:
"As we are convinced of the benefits of openfunds, we are happy to take on a pioneering role for other fund management companies by adopting this standard at an early stage. We trust in the new standard and are striving to increase efficiency in fund data transmission with openfunds. This will enable us to implement our high data quality standards even more effectively. Profidata has once again demonstrated that current and innovative market requirements can be implemented in XENTIS in a very short time."

Profidata Group

Founded in Switzerland in 1985, Profidata Group offers software solutions for investment and wealth management as well as services for financial service providers. The company is headquartered in Zurich. It has offices and representative offices in Vaduz, Frankfurt am Main, Saarbrücken, Luxembourg, London and Singapore.

Further information can be found at www.profidatagroup.com.

Questions regarding this press release will be answered by

Peter Klein, Management
Profidata Group
In der Luberzen 40
8902 Urdorf
Switzerland
Phone +41 44 736 47 47
peter.klein@profidatagroup.com