Calastone gets new live site for settlement service, Hargreaves Lansdown
Hargreaves Lansdown, a financial service company based in Bristol, UK, has gone live with Calastone’s funds settlement system, Calastone Settlements.
Danny Cox, head of communications at Hargreaves Lansdown comments that “automatic matching of trades and the netting of settlement positions early in the day will improve the efficiency of our operational and treasury teams”. He adds that as the company processes a large number of transactions, “this is of huge benefit”.
Calastone says that its offering is “the only commercial settlement system designed specifically for the funds industry, automating the reconciliation and settlement process of investment funds”.
In 2015, an estimated £158 billion of settlement payments took place needlessly, says Calastone. According to the vendor’s calculations, by using Calastone Settlements a firm can reduce settlement payments by up to 52%, as they are automated and transacted net.
Calastone in the news
Earlier this year, Calastone has joined the Linux Foundation’s Hyperledger Project. It was one of 30 members from across the finance and technology industries to have joined this new blockchain initiative.
It has also recently launched Data Services, a market intelligence solution for fund managers.