The European Fund and Asset Management Association (EFAMA) has opened its fund processing passport portal, which provides a central access point to all fund processing passports, and has made it available for the asset management industry on its website.

Fund Processing Passports (FPPs), which typically include information such as an ISIN code, subscription/redemption rules, settlement details and cut-off times, are supposed to deliver benefits in terms of improved efficiency, reduced costs, and availability of standardised information to fund managers and distributors, according to EFAMA.

Through providing access to all FPPs at a single point, EFAMA is aiming to get Europe-wide acceptance of the FPP and get all players involved in fund processing in domestic and cross-border markets to adopt the FPP.

The portal was set up with the co-operation of FPP providers Finesti, France FPP (AFG), FundConnect, KNEIP, OeKB and WM Datenservice, and all the FPPs on the portal will be the most accurate and up-to-date versions, according to EFAMA.

“The opening of the FPP Portal is a fundamental step taken by EFAMA in its continuing effort to strengthen industry standards for the benefit of investors.  Fund managers, and specifically cross-border fund groups, should be pro-active in supporting this initiative, thus contributing to simplifying fund-order processing and responding notably to the European Parliament’s call to drive processing costs down," said Jean-Baptiste de Franssu, EFAMA president.