The managed account solutions industry needs to adopt communications standards, according to a white paper from the Money Management Institute (MMI).

The white paper reflects the possible savings that can come for adopting such standards and gives addition information on building applications that take advantage of the standards.

The MMI Managed Account Solutions Standards (MASS) Committee has been working since 2002 to create standard messages to maintain the business process. Earlier this year, the MASS Committee released a 24 XML plan to assist firms in beginning to define projects and propose such applications.

“Having reached this point in the effort to build communication standards, we felt it was important to quantify to the industry the potential savings that could result from implementing applications that integrate the message standards,” said Gib Veconi, CEO of Peridrome Corporation and co-chair of the MASS Committee. “It’s now time to deliver the savings the industry has been expecting from this effort.”

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