Wednesday 07 October 2020 by FIIG Securities OneFIIG-800 General

FIIG's technology platform and improved service offering

FIIG reached a key milestone last week with the launch of “OneFIIG”, a new technology platform which has replaced FIIG’s old IT systems, providing a wide range of new features and solutions that will deliver a greatly improved client experience.

With the replacement of FIIG’s existing operating systems, OneFIIG enables us to deliver significant business wide improvements. One of the key technology enhancements is the replacement of FIIG’s previous core custody system with Simcorp Dimension. This partnership with a top tier global service provider means that FIIG stays at the cutting edge of technological developments that relate to the fixed income asset class.

Dimension is a market leading portfolio management, custody and accounting system and it will be the cornerstone of our future growth, providing FIIG with a platform to broaden and improve our service offering, introduce new products and further strengthen our risk management framework.

In addition, OneFIIG delivers enhanced client reporting, including the introduction of a full suite of new Advices along with a range of other improvements.


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FIIG's new Foreign Exchange Service

As part of the launch of OneFIIG we have introduced a new Foreign Exchange (FX) Service which is available to wholesale clients.

FIIG’s new FX Service is conveniently integrated with our DirectBonds Service and enables clients to execute FX transactions directly with FIIG when buying or selling non-AUD bonds and receiving non-AUD income. As part of the FX Service clients also receive comprehensive post trade reporting of FX transactions including FX rates.

FIIG's FX Service delivers the following important benefits:

  • Competitive FX rates - FIIG utilises its institutional relationships to provide clients with competitive FX rates, not generally available to individual investors.
  • Transparency – Clients have visibility of the exchange rate at which currency conversions have been conducted.
  • Convenience – Clients do not need to worry about ongoing currency conversion when investing in bonds via FIIG’s DirectBonds Service, as proceeds from bond transactions, coupons, maturities and other corporate action events are automatically converted back to AUD or any other currency per a client’s standing instructions.
  • Australian Tax Office (ATO) reporting - FIIG’s Australian dollar equivalent income reporting to the ATO uses the transacted FX rate. This assists in ensuring that all income reported to the ATO matches the AUD amounts paid to a client’s bank account for income events.
  • No additional fees or charges - Clients are not charged any additional fees or charges for FIIG’s FX Service.

Conclusion

FIIG prides itself on providing institutional quality services to our clients. We do not take short cuts, are fully compliant with ASIC’s regulatory financial requirements for providing Custodial Services, and have a long-standing track record as the number one service provider in Australian fixed income markets.

The OneFIIG development is a key milestone for FIIG and a major commitment to improving our services to our clients. We invite you to contact your Relationship Manager or one of our fixed income experts on 1800 01 01 81 to learn more about FIIG's new service offerings.