Delta Data, a provider of software and data management solutions for the mutual fund industry, has launched FundBlast, a digital portal for communicating mutual fund changes in real time.
Developed to seamlessly facilitate the notification and processing of fund events such as new products, mergers, liquidations, accounting changes and trade rule updates, FundBlast serves all parties involved in the fund actions lifecycle. This includes fund companies, distribution partners (broker dealers) and fund service providers such as transfer agents, fund accountants and record keepers.
“FundBlast will replace the current email-based notification process around important fund events and truly revolutionise how they’re communicated,” says Whitfield Athey, CEO, Delta Data. “After four years of development while incorporating feedback from our industry partners, we feel that FundBlast is going to be the new standard in fund communications.”
Currently, there is little consensus in the mutual fund community when communicating fund events other than sending out email blasts to distributors, with each fund company having a different format. The lack of consistency is a major pain point for distributors, creating inefficiencies such as data latency and the inherent risk of information not reaching its intended target.
Delta Data estimates that a typical broker dealer client, prior to implementing FundBlast, has to manually sift through more than 21,000 emails over the course of a given year from their fund partners, some requiring action or maintenance, and that the perceived risk of this activity is high.
FundBlast aims to provide a standardised, real-time method of communication that will mitigate risk, streamline operations and reduce communications between funds and their distributors and administrators.