Hyperion, an Australian equities fund manager, is Calastone's 81st Australian client. Their membership of Calastone automates the flows from participating platforms and custodians into Hyperion Funds.

Hyperion Asset Management's Managing Director, Tim Samway said "Hyperion welcomes the automation of this manual process with the reduced risks and the increased levels of accuracy and timeliness it brings."

Calastone went live in Australia in November 2011 with automation of fund application and redemption transactions. More than 40% of the market have now joined the Calastone network. Calastone MD, Australia, Shannon Sweeney, said that the industry had been wholeheartedly supportive of the move to automation.

"The industry has long recognised the risks involved in manual processing," she said. "These processes - which are still in use - can result in typing errors in the registry system of the fund or platform, and faxes do go missing or are incomplete or sent in duplicate. It's also a timing issue - slow processing, lack of transparency and a delay in identifying an issue or error."

Mr Samway said "that the immediate benefit to Hyperion clients is the provision of intraday cash flow reporting to the firm's portfolio managers. The sooner we are apprised of large cash flows the sooner we can transact on behalf of our clients.

"Beyond reducing the errors that can occur with manual processing, better automation in the investment chain in managed funds will remove barriers to investment," she said. "Calastone is also working with wealth management, broker execution and SMSF software providers to close this gap in the future."