TISA selects Atos as partner to create European MiFID II blockchain utility for asset management industry
London, UK, 3 July 2020 – TISA, the UK’s cross-industry financial services membership body, today announces that it has appointed Atos, a global leader in digital transformation, to build a digital utility for the asset management industry, called the TISA Universal Reporting Network (TURN). TURN is being created to ease regulatory reporting requirements for MiFID II. It will be available across Europe based on blockchain technology and is due to launch in the last quarter of 2020.
This new platform will allow asset managers and distributors – including financial advisers – to capture, share and transmit MiFID II data across Europe to all relevant stakeholders, through a standardised EMT (European MiFID II Template). All relevant parties will have access to the EMTs on a real time basis and this will be of a high and consistent quality. Currently, this exchange of information is inconsistent and sometimes firms struggle to obtain all the data they need from other firms to enable disclosure of all costs.
All stakeholders who will have access to the data can be confident that it is correct, and in a standard format.
It will also open up investment opportunities for end-customers too, as the platform should help make it easier for asset managers, distributors and their customers to ensure that the products being marketed and sold to them are comparable, clear about the costs, and appropriate for the target market.
Additionally, it will provide better consistency for asset managers when Environmental, Social and Governance (ESG) reporting obligations begin in the first half of 2021. This will also ensure the end customer is more informed about their investment options.
TURN will continue to build on the open standards (downstream, upstream and template) that has been developed with TISA members. It will be run as a not-for-profit by the users, for the users.
Jeffrey Mushens, TISA Technical Policy Director, commented: “Atos has been appointed as the vendor to collate and share the data collected. After a competitive pitch process, it was clear that Atos had the strongest reach and technical capability, enhanced by their clear sense of enthusiasm to be involved with this game-changing project.
“The impact will be substantial, especially to firms working in this space across Europe. The utility is clearly a sought-after ambition as we have been working with our members, including European asset managers, distributors, platforms, and IT firms to identify and address their needs through TURN. We expect that the solution will enable the future delivery of key data for ESG as well as for feedback and other regulatory requirements. This is an industry-led and run, not-for-profit initiative that will ultimately ensure that consumers are offered the best and most suitable products.”
Adrian Davis, Head of Markets (Global) Financial Services & Insurance Industry Consulting, said: “We are delighted to partner with TISA to develop and operate the bespoke and highly innovative MiFID II blockchain utility which will provide a revolutionary and secure data exchange solution for the asset management industry.
“This partnership further increases our presence within the investment sector, building on the already strong presence of Atos within the UK financial services industry.”
Atos was appointed as the preferred supplier after a competitive pitch process which saw 13 firms return proposals to TISA.
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Notes for Editors
TISA’s ambition is to improve the financial wellbeing of UK consumers by bringing the financial services savings industry together to promote collective engagement, to deliver solutions and to champion innovation for the benefit of people, our industry and the nation.
We do this by focusing on good consumer outcomes and harnessing the power of our broad industry membership base to deliver practical solutions, new digital infrastructure and by devising innovative, evidence-based strategic proposals for government, policy makers and regulators. This holistic approach to address the major consumer issues uniquely positions TISA to deliver independent insight, promote innovation and facilitate good practice.
TISA’s rapidly growing membership is representative of all sectors of the financial services industry. We have over 200-member firms involved in the supply and distribution of savings, investment products and associated services, including the UK’s major investment managers, retail banks, online platforms, insurance companies, pension providers, distributors, building societies, wealth managers, third party administrators, Fintech businesses, financial consultants, financial advisers, industry infrastructure providers and stockbrokers.
Our current strategic policy focus includes making financial guidance more widely available; financial education for young people; retirement savings and addressing consumer engagement, particularly for the vulnerable. These will form essential elements of – Vision 2025 – TISA’s strategic policy roadmap towards delivering a material impact in enhancing consumers’ financial wellbeing.
Complementing our development of consumer policy and thought leadership, TISA has become a major industry delivery organisation for consumer focused, digital industry infrastructure initiatives (TeX/STAR, Digital ID, MiFID II and Open Savings & Investment). This reflects TISA’s commitment to open standards and independent governance.
TISA is also recognised for the support it provides to members on a range of operational and technical issues targeted at improving infrastructure and processes, establishing standards of good practice and the interpretation and implementation of new rules and regulations. This work currently includes MiFID II, CASS, SM&CR and addressing cybercrime.
Atos is a global leader in digital transformation with 110,000 employees in 73 countries and annual revenue of € 12 billion. European number one in Cloud, Cybersecurity and High-Performance Computing, the Group provides end-to-end Orchestrated Hybrid Cloud, Big Data, Business Applications and Digital Workplace solutions. The Group is the Worldwide Information Technology Partner for the Olympic & Paralympic Games and operates under the brands Atos, Atos|Syntel, and Unify. Atos is a SE (Societas Europaea), listed on the CAC40 Paris stock index.
Atos connects the financial services and insurance industries with generations of customers through AI, IoT and intelligent automation, with half of the world’s top 30 insurers already relying on Atos to transform operating models and increase the pace of innovation. From using new technologies to improving legacy systems, increasing efficiencies, and reducing costs, Atos modernises technology and core operations for customers across the financial services and insurance sectors. Atos’ cloud-based FinTech propositions, engagement programme and research offer new ways to meet the industry’s core transformation challenges and redefine business ambitions.
The purpose of Atos is to help design the future of the information space. Its expertise and services support the development of knowledge, education and research in a multicultural approach and contribute to the development of scientific and technological excellence. Across the world, the Group enables its customers and employees, and members of societies at large to live, work and develop sustainably, in a safe and secure information space.