Skandia Fonder wanted to replace its old fund shareholder system with an outsourced service, increase efficiency and reduce manual operations. Digia’s SaaS service provider model enables i.a. automated fund order trading and has up-to-date compliance to regulatory directives.
We chose Digia as our partner because they understand the fund market and are a reliable service and application provider. Our cooperation, Digia’s solutions and delivery provide us a very high level of automation and efficiency.
Göran Karlsson, COO, Skandia Fonder
In order to manage its customers’ fund investments in the best possible way, Skandia requires constant improvement and innovation in application support and information quality. Key factors include fast adoption to market and regulatory changes and the ability to provide as efficient and reliable support for its shareholders as possible.
During 2010, Skandia started a project to replace its old fund shareholder system. one main requirement was that this could be provided as an outsourced service instead of in-house installations and management of IT systems.
In order to increase efficiency and reduce manual operation, the solution needed to provide integration to the business partners and their system environments, automated fund order trading from distributors, correct financial information from fund portfolio management and support for new autogiro payments.
Another requirement was to stay up-to-date at all times with the latest regulatory and authority reporting requirements according to UCITS, AML, MIFID and AIFMD.
It was desirable for the solution to be provided as a hosted system environment and continuous managed application services including reliable support by experienced staff and regular updates to new requirements.
Skandia therefore selected Digia SaaS service provider model, which provides full outsourcing of system and IT environment including monitoring of regular data transfers, reporting to external counterparties and version upgrades.
Digia has delivered its Digia Financial system in consecutive projects and upgrades. In the first phase, in 2010, Skandia’s system for handling shareholder administration was replaced. The conversion included migration of historic data into a modern web based archive, and setup of connectivity and routines for outsourced application management.
Between 2011 and 2013, additional functions were introduced, including compliance to the latest UCITS directive, support for new AML and MIFID requirements, introduction of share classes and variable settlement cycles.
The automated fund trade order processing via the Digia Connect service was also introduced in 2013. This supported the new ISO20022 standard and connected Skandia Fonder to the Nordic Fund Market platform.
In 2014, the AIFMD reporting application was in production to support the new ESMA regulatory reporting requirements.