Old Mutual Global Investors, UBS, Credit Suisse and Julius Baer, are among a group well-known global financial institutions that have signed up to a new set of standards to allow easier access to the exchange and dissemination of fund data.
The not-for-profit service has been rolled out in collaboration with fund information platform group Fundinfo, with openfunds version 1.0 now live for industry use, following two years of development.
Fundinfo unveiled details the new free-of-charge service, that has already more than 400 fund providers agreeing to use the service, via a statement on its website. It read: “The openfunds standard benefits all stakeholders because fund data is transmitted more efficiently, quickly and accurately. More than 400 fund providers have already agreed to adopt the openfunds standard.”
Within the coming months, the firms that have signed up will be able to send and receive files under the Openfunds standard, that aims to be the global watermark for fund data sharing. If a firm has a need to reliably send or receive fund data, then it can now use the Openfunds fields and definitions service free of charge and without any obligation.
Openfunds is open content published under a Creative Commons Licence, which means that everyone may use the standard for free, provided that no changes are made and openfunds is mentioned as a source.
Common industry standard
Founded in 2015, openfunds is a non-profit, global consortium of financial institutions collaborating on a common industry standard for the interchange and dissemination of fund data.