Calastone, a UK-based funds transaction network, has expanded into New Zealand to enable smoother transaction flow across Australasia.

Calastone’s technology provides users total interoperability, relieving asset managers, platforms, custodians, and administrators from the burden of unifying or standardising legacy technologies.

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The network operates like a universal adapter, connecting to existing systems as opposed to mandating conformity for the smooth processing and confirmation of fund orders between sending and receiving party.

Calastone managing director for Australia Sarah Hayward, said the firm’s extended cross border coverage enables transactions between Australian and New Zealand platforms, fund managers and respective counterparts.

"Our expansion has been primarily driven by our Australian clients wanting access to cross-border opportunities and New Zealand clients embracing automation," she said.

"New Zealand firms can now benefit from the efficiency of streamlined processing that we provide around the globe, where momentum, size and governance have out-dated manual processing," Hayward added.

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Calastone signed up the Auckland investment administration firm MMC and New Zealand’s Public Trust.

MMC co-founder of fund administration business Tom Reiher said with the growth in the number of New Zealanders investing, manual and archaic practices will be unsustainable.

"Using Calastone, we’ll be able to scale up to efficiently process much higher volumes of transactions at a reasonable marginal cost," Reiher said.