Financial Transactions
Fundserv’s core service includes a centralized platform which enables Manufacturers, Distributors, and Intermediaries to buy, sell, switch, and transfer unitized investment funds on a secure transactional network. Fundserv’s network supports real-time transaction placement, acknowledgement, confirmation, and error corrections.
By standardizing the instructions that flow through the Fundserv network, Fundserv members can rely on accurate and reliable order fulfillment while automating much of their operational processes.
transferserv®
Fundserv’s transferserv accelerates and simplifies external account transfers through a secure, standardized digital workflow. Distributors can initiate and track transfer requests, exchange client asset details and instructions, and ensure accurate settlement—all within a single interface.
Key features
- Electronic transfer workflow: participating Distributors can manage the end-to-end process of completing a transfer online—no more paper, fax or email for faster processing.
- Digital asset list exchange: send or receive standardized asset lists and confirm transfer method online, with each decision tracked for compliance.
- Dashboard and monitoring: view transfer status, timestamps and service-level agreements with an easy-to-use dashboard.
- Transfer order creation and submission: transfers are completed via Fundserv’s Transaction Forwarding System (TFS).
How transferserv supports your operations
- Security: built on a trusted, reliable network.
- Compliance: supports the Canadian Investment Regulatory Organization (CIRO)’s proposed electronic transfer mandate.
- Efficiency: standardizes workflows and reduces manual errors.
- Enhanced experience: speeds up transfer processing for investors.
- Integration: APIs will be made available to provide an additional connectivity option for Distributors.
Non-Financial Transactions
Fundserv also supports the processing of Non-Financial Transactions to update investor, account, and advisor-related details.
By allowing standardized instructions to flow through the Fundserv network, we ensure member systems are consistently updated to current data.
Non-Financial Transactions include:
- Investor demographics
- Account details
- Standing instructions
- Advisor set-up and changes
Reconciliation
Fundserv supports the reconciliation of both Financial and Non-Financial Transactions through settlement-contract matching, as well as a confirmation of each order.
On a monthly basis, Manufacturers share account positions and investor demographic data points. Distributors compare this data with their records and, when required, adjust or correct the Manufacturer’s system through a Non-Financial Transaction.
Data Transfer
Fundserv enables members to securely and efficiently transmit data elements on our centralized network through standardized file transfer, including:
- Pricing data
- Regulatory data
- Fund data
- Transactions and transaction reconciliation data
- Settlement and settlement reconciliation data
- Service fee and commission reconciliation data
- Account setup and account reconciliation data
- Non-financial updates
- Advisor rep data
Total Cost Reporting
With the new total cost reporting (TCR) regulation, Manufacturers of mutual funds, exchange-traded funds (ETF) and various other investment products will need to communicate to Distributors:
- The Fund Expense Ratio (FER)
- Daily Cost Factor
Fundserv has more than 30 years of expertise in helping the Canadian investment industry navigate regulatory changes while improving the ease of doing business. Choosing Fundserv enables you to transmit or obtain the TCR data you need with confidence.
Secure Data Transfer in Three Steps
Associate Members
Manufacturers of investment products not listed on Fundserv, such as ETF providers, can join as Associate Members and send TCR data seamlessly on our secure, centralized network. Associate Members can transmit TCR data to more than 300 Distributors within the Canadian investment industry with these benefits:
Connect with our Industry Engagement Team to learn more!