TISA Universal Reporting Network (TURN), an industry blockchain solution for the collection and dissemination of fund related data, announced that its members have endorsed the openfunds Standard as part of TURN’s expanding network services.
TURN has 23 members, which include recent additions of Aegon, Clearstream, Fonds Depot Bank, Fundsmith and Ebase, which takes its coverage to 50% of retail distribution in UK and Germany. openfunds is a non-profit, global consortium of 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 standardization 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 organizations will be working closely on the standardization of data transfer and transmission.