Introduction to Allfund Bank (AFB) Interface

All Funds Bank (AFB) was created in the year 2000 and it is currently one of the leading European mutual funds platforms. When creating mutual funds trades, it is necessary to hold a unique reference number that identifies the trade as being related to AFB.

Click here to understand the terms and abbreviations used in this module.

Additional Transaction Id for Funds

Banks in Spain are allowed to execute fund-related transactions via All Funds Bank or Asset Management Companies. AFB supports the investors by linking fund houses and distributors of mutual funds at the operational and technological levels.

This functionality covers the requirement to generate the unique transaction reference in Temenos Transact for AFB fund transactions. AFB sends a separate reference Id that needs to be stored in Temenos Transact for any further communication about the transaction between the bank and AFB.

Order Settlement

The bank sends the settlement details of the funds' transaction in a file to the distributors. The incoming file contains details of new orders placed in the bank's online dealing system, the traspaso transaction details, and order confirmation details.

Banks can have a different set of record types to differentiate each transaction type. The incoming files are processed by Temenos Transact and the required details are updated in the corresponding transactions.

This functionality provides the facility to allow massive order delivery from Temenos Transact to Allfunds Bank (AFB) for the TAP rebalancing process so that it is possible to create a single file with all the orders generated and send them to AFB in an agreed time frame to avoid performance issues both in the Wealth Suite and in the AFB system.

When all rebalancing orders are generated from TAP (for example, it can be generated through automatic rebalancing on ROBO portfolio), Temenos Transact will group all the rebalancing orders received from TAP and generate a flat file (to be sent to AFB) after all rebalancing orders have been received in Temenos Transact and this flat file will be grouped based on record type 10 (buy or sell order) and 40 (traspaso orders).

On receipt of incoming flat file confirming the order status, Temenos Transact will update the Deal Status field in the SEC.OPEN.ORDER application as cancelled, if for inward response file with record type 10 is received, the source of order (643 column position) is blank and record status (214 column position) is NP.

When the inward response file with record type 40 is received and if the record status (746 column position) is NP, then the Deal Status field in the SEC.OPEN.ORDER application is updated as cancelled.

Since there can be a massive rebalancing order request generated from TAP rebalancing, sending orders as part of existing API online order requests can cause performance issues and the reason behind sending it as a batch file to avoid performance issues.

The mutual fund orders that are placed in a bank will be sent to AFB (All Funds Bank). AFB will acknowledge the order and will send a confirmation as an end-of-day file. Temenos Transact reads the incoming file from AFB, loads the data in the ALLFND.TRANSACTION.LOG application, and updates the confirmation date, value date, currency, and commissions in the SC.SEC.EXE.ORDER, SECURITY.TRANSFER, POSITION.TRANSFER and ESFUND.TRASPASO.REQUEST corresponding applications.

The following two multi-value fields have been added to the ALLFND.AFB.PARAMETER application to update the AFB fee and the corresponding SCDX.CHARGE.PARAMETER name that is part of the execution. The bank can add multiple fees by adding multi-value sets.

• Allfnd Fund Attribute: Identifies the fund attribute value from the ALLFND.TRANSACTION.LOG application for the corresponding commission that has to be included in execution. For example, the fund house commission is available in the fund attribute 38, so the bank will update this field with the value as Fund Attribute 38.
• Allfnd Charge Name: This field identifies the charge or commission name under which the fees or commissions are received from AFB.

New mapping records have been created in the ALLFND.RECORD.FIELD.MAPPING application for each type of incoming file to hold the field names and data.

The following fields have been added to the ESFUND.TRASPASO.REQUEST application to hold the SCDX.CHARGE.PARAMETER commission name and value that are sent by AFB.

• Charge Value: This field holds the charge amount from AFB.
• Charge Name: This field identifies the SCDX charge name for the commission.

The View all Failed AFB Transactions (ALLFND.FAILED.AFB.TRANSACTIONS) enquiry has been created to allow the user to view the failed confirmations from AFB.

Customer Onboarding

Banks in Spain are allowed to execute fund-related transactions via All Funds Bank or Asset Management Companies. AFB supports the investors by linking fund houses and distributors of mutual funds at the operational and technological levels. AFB provides a range of information services to ensure that the transactions are always executed efficiently and effectively.

An API is developed for this functionality that will assist Temenos Transact to communicate with AFB (All Funds Bank), in case of the creation of a customer Id, creation of a contract (portfolio) Id, and to update the customer details. The bank will request the AFB customer Id or contract Id creation using the API, then AFB will create the same and will respond with the Id's. Then, Temenos Transact needs to save the AFB client Id at the customer level and AFB contract at portfolio level.

The benefits of this functionality are:

• Ability to handle the client and contract details registration with AFB through API whenever a customer deals with fund transactions like subscription, Transfer In, and Traspaso In.
• Ability to send the change in customer details of an already onboarded customer through an API to AFB.

Funds Catalogue

When files are received from AFB, the system updates the security instruments based on the information received in the files. The files contain fund-level information and are uploaded at the end of the day. This information is then updated to the appropriate applications containing the fund information. Only the fund details which are available in the file are updated at the end of the day. These details can be used by bank users to check the fund’s latest NAV, commissions charged, etc.

Every working day AFB sends an end-of-day file that contains different types of information. Among these types, two will be fund catalogue and fund prices. Both types of files will be used to update the security master and the last price for each instrument identified by its International Securities Identification Number (ISIN).

AFB (All Funds Bank) sends the funds commercialised by the bank and the information in the 71, 73, 74, 20, and 90 records. These records contain instrument-level details and are provided by AFB to update the distributor's structural, functional, and operational information about the funds available in the bank.

Record 73 is a type of file that will be sent by Allfunds Bank which contains the mutual funds' details. Whenever AFB sends a 73 file record to Temenos Transact, the system will read the 73 file record and will automatically update the ALLFND.TRANSACTION.LOG and ALLFND.FUND.SECURITY applications based on the mapping. The 73 record type structure has been modified, and the same changes are reflected in the fields in Temenos Transact so that the system will be able to store the information coming from the 73 records.

This functionality will assist the bank to read additional record types 73, 74, 90, and additional fields in record types 71 and 20 that are part of the incoming files from AFB.

Certain fees that are received as part of the record type 71 and subtype 03 need to be available in Temenos Transact for the corresponding security.

The following new fields have been added to the ALLFND.FUND.SECURITY application to hold the commission details from the record 71 subtype 03 file:

• Fund Subscription Commission: Holds the fund subscription commission indicated in percentage.
• Fund Redemption Commission: Holds the fund commission for redemptions indicated in percentage.
• Fund House Commission: Identifies the commission paid to the fund house.
• Fund House Sub Comm: Identifies the fund house commission for subscriptions (percentage).
• Fund House Red Comm: Identifies the fund house commission for redemptions (percentage).
• Switch Commission: Shows if the switch commission is applicable or not.
• Switch Commission Percent: Identifies the switch commission (percentage).
• Performance Fee Type: Identifies the type of calculation of performance fee.
• Performance Fee Frequency: Identifies the frequency of calculation of performance fee.
• Performance Fee: Identifies the performance fee commission.

The system will update the daily information received for the instruments from All Funds Bank. This information will be updated as soon as the file is received in the bank. The bank user can view the fund details and doesn’t need to update the file information manually into the system. The system will ensure that the fund records are always updated, based on the details received from AFB.

New fields have been added to the ALLFND.FUND.SECURITY application to store the Markets in Financial Instruments Directive (MiFID) related details of the funds that are received from AFB as part of the Record 73 version 1.6.

Order Type Filtering and File Regeneration

This is a facility to allow massive order delivery from Temenos Transact to Allfunds Bank (AFB) for the TAP re-balancing process so that it was possible to create a single file with all the orders generated and send them to AFB in an agreed time frame to avoid performance issues both in Wealth Suite and AFB systems.

When all re-balancing orders are generated from TAP (for example, it can be generated through the automatic rebalancing on the ROBO portfolio),Temenos Transact groups all the re-balancing orders received from TAP and generates the flat file (to be sent to AFB) after all re-balancing orders have been received in Temenos Transact, and this flat file will be grouped based on the record type 10 (buy/sell order) and type 40 (traspaso orders).

On the receipt of the incoming flat file confirming the order status, Temenos Transact updates the Deal Status field in the SEC.OPEN.ORDER application as cancelled, if for the inward response file with the record type is 10 received, the source of order (643 column position) is blank and the record status (214 column position) is NP.

When the inward response file with record type 40 is received and if the Record Status (746 column position) is equal to NP, then the Deal Status from the SEC.OPEN.ORDER application will be updated as Cancelled.

Automated Generation of Legal Documentation for International Funds

Whenever the Umbrella Name and the cut-off price of a security are changed, Temenos Transact will generate an XML that will contain the ISIN of the fund, Umbrella Name, and limit time.

This functionality facilitates banks to generate a report in XML format to customers to advice them that the cut-off time of a security has changed.

The Afb Session Time field has been added to the ALLFND.AFB.PARAMETER,INPUT existing parameter version to configure the cut-off time.

Flexible Distributor, Sub - distributor and Product Values in AFB Adaptor

When an order is made in Temenos Transact, the order, together with details like the Distributor Code Api, Sub Distributor Code Api and the Product Code have to be sent to AFB via an API.

This functionality allows banks to send the Distributor Code Api, Sub Distributor Code Api and the Product Code details in an API message to AFB based on the configuration done in the ALLDND.AFB.PARAMETER application.

These three codes are unique to identify the bank from which the message has been sent.