Introduction to Allfund Bank (AFB) Interface

All Funds Bank (AFB) was created in 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 an unique reference number which 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 level.

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 eg., it can be generated through automatic rebalancing on ROBO portfolio), Temenos Transact will group all the rebalancing orders received from TAP and generate 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 request can cause performance issues and the reason behind sending it as batch file to avoid performance issues.

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 level. AFB provides range of information services to ensure that the transactions are always executed efficiently and effectively.

The Customer Onboarding enhancement is to develop an API that will assist Temenos Transact to communicate with AFB (All Funds Bank), in case of 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 IDs. Then, Temenos Transact needs to save the AFB client ID at the customer 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 transaction like subscription, Transfer In and Traspaso In.
• Ability to send the change in customer details of already onboarded customer through an API to AFB.

Funds Catalogue Addendum

Every working day AFB sends an end-of-day file which contains different types of information. Among these types, two will be fund catalogue and fund prices. Both type 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 structural, functional and operational information about the funds available in the bank.

The AFB log application is enhanced to map fields from the 73, 74 and 90 records.

In the below screenshot from a sample end of day file you can see that the 11th and 12th position in the first line is 71, i.e. record 71 and the 13th and 14th position in the first line is 01, i.e 01 subtype. This is how all the lines will be read and all the relevant records need to be stored in Temenos Transact.

These records are logged in the ALLFND.TRANSACTION.LOG application which is then mapped to security instrument applications in Temenos Transact.

When the above file is received, the 71, 73, 74, 20 and 90 records will be mapped to the log application. From this application, the SECURITY.MASTER,SECURITY.SUPP ALLFND.FUND.SECURITY application will be updated. There is no overlapping of any fields from the 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 is part of the incoming files from AFB.

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 rebalancing 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.

Order Settlement Addendum

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 are 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 are created in the ALLFND.RECORD.FIELD.MAPPING application for each type of incoming file to hold the field names and data.

The following fields are 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 is created to allow the user to view the failed confirmations from AFB.

Automated Generation of Legal Documentation for International Funds

Whenever the Umbrella Name and the cut off price of a security is 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 is added to the existing parameter version ALLFND.AFB.PARAMETER,INPUT to configure the cut off time.