Equisoft’s continued strong support for open standards will improve transfer times and deliver significant savings to administrators. #
BATH, United Kingdom, September 26, 2023 – Equisoft, a leading global provider of advanced digital solutions to the financial industry, is pleased to announce that it is the first provider to release an update to its Equisoft/transfer product after TeX members voted to approve changes to the legal framework to support Defined Benefit (DB) Pension transfers.
This update to the framework is an important step in supporting the ViaNova Working Group’s (Corporate Pensions open standards group) adoption of TeX/UKETRG open standards to automate trust-based Defined Contribution (DC), and now DB pension transfers. Equisoft are also pleased to announce that two corporate pension administrators have gone live with the product, including one of the UK’s leading Employee Benefits Collectives.
Howard Finnegan, Product Sales Director at Equisoft, said: “The approval of online DB transfers is a significant step forward for the market-wide process of transfer digitalisation. Equisoft is proud to be the first vendor to support this significant update in the modernisation of the market which will bring significant savings to administrators.”
The first half of 2023 saw steady growth in the number of counterparties (up from 404 to 428) supporting electronic transfers and asset re-registrations using the TeX/UKETRG legal and open standards framework. Most of the new counterparties were Fund Managers (now over 200), Wealth Managers and direct-to-consumer Platform/Direct Execution Brokers.
Of the 428 market participants that support electronic transfers, over half (54%) use the Equisoft/transfer, including 34/37 D2C providers and 91/95 wealth managers and private clients. Of the 29 pension providers who support open standards-based electronic transfers and re-registrations, 17 use Equisoft/transfer.
Industry leaders are supportive of Equisoft’s quick adoption of the changes to the legal framework:
Carol Knight [TeX Board Member] said “Equisoft’s support on Electronic DB transfers is yet another great achievement for the industry and highlights the continued successful collaboration of vendors and product providers with TISA Exchange (TeX).”
Steve Wallace, Fimatrix [Co-Chair of ViaNova Working Group] said: “Equisoft have an excellent track record in supporting open standards based automation in the pensions industry. We are very pleased to see that they have adopted support for DB transfers, and our working group look forward to secure and efficient DB transfers using ViaNova open standards.”
Andy Hussey, WTW [Co-Chair of ViaNova Working Group] said: “The ViaNova Working Group wholeheartedly welcomes Equisoft’s support for automating DB transfers. The addition of DB transfers to ViaNova offers corporate pension trustees the opportunity to improve transfer times for their members while being able to derive comfort from the TeX/UKETRG legal and open standards framework.”
For Equisoft – Omnia Partners
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