TURN Members endorse openfunds Standard as membership grows
Member of the TISA Universal Reporting Network (TURN), an industry blockchain solution for the collection and dissemination of fund related data, have endorsed the openfunds Standard as part of TURN’s network services.
openfunds is a non-profit, global consortium of renowned financial institutions collaborating on a common industry standard for the interchange and dissemination of fund data. openfunds share TURN’s goals to improve the quality and efficiency in the exchange, validation and analysis of fund information.
TURN's efforts to ensure seamless transmission of fund data have now resulted in standardisation of Fund Dynamic Data. TURN’s development team is now focussed on reporting methods for Corporate Action Changes.
Corporate Action Changes sit alongside the TURN Static Data Template, and will be completely interoperable with the openfunds Standard. The collaboration between TURN and openfunds has deepened as the TURN network expands and both organisations will be working closely on the standardisation of data transfer and transmission.
TURN also announced that the number of new members has grown to 23, with the additions of Aegon, Clearstream, Fonds Depot Bank, Fundsmith and Ebase, which takes TURN’s coverage to 50 per cent of Retail Distribution coverage in the UK and 50 per cent of Retail Distribution in Germany.
Gary Bond, CEO, TURN, said: “We are pleased to announce our continued support of openfunds, who we share our long-term goal of standardised fund-related data, with international interoperability and transparency. Our continued collaboration with openfunds has been fruitful and led to significant improvements for both openfunds Standard adopters and TURN members.
"The interoperability of our platform with the openfunds Standard was an early priority and has been a feature of the TURN network for some time. Working with openfunds has been a pleasure and I hope that both of our organisations can help shape the industry into one of data standardisation and accessibility.
"I would also like to welcome new TURN network members and look forward to expanding our catalogue of services within TURN.”
Sascha Lingling, chairman, openfunds, says: “With the commitment of TURN to support the openfunds standard, another important step in the simplification and standardisation of data exchange has been achieved. openfunds is looking forward to a lively exchange.”