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TeX Leads Industry-Wide Upgrade to Transform Transfers System

By Dominic Sow · 3 December 2024

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TeX (TISA Exchange), the member-led organisation driving automation in the transfers industry, has successfully coordinated a major upgrade to the UK’s transfer system. Over 400 organisations transitioned to the latest messaging framework, MPNov24, over the weekend of November 23rd/24th, transfer activity was paused to ensure a seamless;  switch. By 8 a.m. on Monday, November 25, transfer requests for ISAs, Pensions, and General Investment Accounts (GIAs) resumed, supported by a more advanced and efficient system.  The upgrade, led by the UK Electronic Transfer & Re-Registration Group, introduces significant improvements in automation and standardisation. TeX played a central role in uniting providers around the SWIFT-based file format and a shared legal infrastructure, making transfers faster and smoother for customers.  Key features in MPNov24 include:
  • Enhanced technical standards to reduce delays and improve accuracy.
  • A new free-text messaging feature within the system, enabling organisations to exchange additional details, ask questions, and provide updates.
This innovation is expected to significantly cut delays, replacing thousands of individual calls and emails between advisers, wealth managers, platforms, fund managers, and transfer agencies.  David Moffat, Chair of TeX, commented: “This is a significant achievement, bringing together so many organizations and coordinating their technology and operations. Special thanks to the solution providers – Actuare, Allfunds, Calastone, Equisoft, Origo, and Willis Towers Watson – for their hard work, particularly during the interoperability testing over the summer. “This is just one step towards improving the transfer process for ISAs, GIAs, and pensions. The industry continues to focus on common standards, greater automation, and best practices. While TeX has been a bit of a 'best-kept secret,' we are now in the spotlight and aware of the challenges ahead. I am confident that we will keep making a positive impact on every customer seeking to transfer their assets.”

Companies in this story: TISA Exchange Limited (TeX)

People in this story: David Moffat

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