Aon Hewitt and Baillie Gifford have connected to straight-through processing (STP) for defined contribution transactions via Calastone’s SWIFT bureau service, Professional Pensions reports. Previously, the global messaging and settlement transaction network was only used by the mutual fund industry, but has been extended to cover DC pensions. The STP service works on the ViaNova message standard. Aon Hewitt will route orders to all fund managers through the ViaNova message set. STP removes the need for manual processing of transactions and lowers operational risk and enables counterparties to communicate more efficiently.
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