FundExpress is a data switch that offers business efficiencies for managed fund industry participants that either distribute or receive datafiles regularly in the course of their business.
When the PIE regime commenced in New Zealand in 2007, a new system for delivering aggregated data files of investor data was needed. FundExpress was developed to assist the transfer of daily fund, tax and investor data points quickly and efficiently between PIE data providers and recipients.
FundExpress was developed as a 'software-as-a-Service' application, so rapid implementation by clients, and easy online access are benefits. FundExpress delivers xml or csv format data files to the authorized recipients.
Who are the users of FundExpress?
• Fund managers – the data providers.
• Portfolio investor proxies, investment intermediaries, and market research companies - the data recipients.
Users pay a monthly subscription and a volume related charge to send or receive data via the FundExpress service
What data is transferred?
The full data set for transfer to PIPs is 30 mandatory data fields, and 10 optional data fields, containing the following categories of information:
• investor identifiers and fund unit balances.
• fund identifiers, unit prices and total units on issue.
• fund tax information and tax components.
A reduced data set for fund providers to easily transfer daily price data to market research companies is also offered.
How is data transferred?
• Data providers prepare files in the appropriate format to upload, and those can be uploaded automatically on a daily, weekly or monthly basis as required.
• The data is stored by the FundExpress server, and made available to only the correct, authorized recipient.
• Data recipients may either receive their files via manual download (e.g. they login via the web to initiate data transfer); OR they may choose to receive their data files via automated collection.