TISA aims for same day platform re-reg

TISA has said its platform re-registration project will be completed ahead of schedule, hailing the “remarkable” progress which has now made same-day platform re-reg an achievable goal.

It said progress towards same-day transfers has taken a significant step forward following a triple whammy of positive updates from the likes of Altus, Bravura and Calastone last week.

"Progress to date has been remarkable," said chairman of the TISA re-registration executive committee David Dalton-Brown (pictured).

"It's worth remembering that when TISA established its re-registration project in July 2009 in-specie transfers were unheard of. Since then we have worked with the industry to encourage transfers between providers and to develop standards and automated processes."

Last week, Altus said it had sent its first ISO 20022 re-registration messages over the SWIFT network. Meanwhile, Bravura set out plans to enhance its fund messaging solution to incorporate re-registration capabilities and Calastone announced important interoperability advances.

Origo, the industry body responsible for the pensions transfer system options, achieved a similar milestone last year when it tested ISO 20022 re-registration messages over the SWIFT Vendor Test Bed.

"Six months ago we were talking about an 11-day transfer turnaround," added Dalton-Brown. "Now, as a result of the standards and interoperability that TISA's project workstreams have delivered, these latest announcements, coupled with Origo's continuing developments and testing mean that we can confidently expect a much faster completion of in-specie transfers."

Although he cautioned the industry still has some way to go to delivering an automated service before the RDR deadline he added: "The competitive co-operation between systems providers is likely to help deliver the project ahead of this deadline."

TISA created the re-registration committee in July 2009 and followed this up with an executive committee, programme office and dedicated work streams as it set out plans to deliver a re-reg project by the end of 2012.

Despite the progress made, industry figures have warned the FSA's proposal to ban cash rebates on platforms could derail the re-registration project.