Nomura Research Institute (NRI), a provider of consulting services and system solutions, reports the successful go-live of its custody solution with Golomt Bank of Mongolia, which it describes as a pioneer among Mongolian banks in introducing initiatives to accelerate development in the regional financial sector.
In August 2014, Golomt Bank became the first custodian bank in Mongolia to obtain the Custody Operations license from the Mongolian Financial Regulatory Commission. The NRI Financial Solutions for Custodians has enabled the bank to establish a fully equipped custodian service offering tailored for a wide spectrum of financial activities with a comprehensive suite of products, services and tools, says NRI.
“We went through a careful process of evaluation of all the solution offerings by various vendors before deciding on the NRI Financial Solutions for Custodians,” said Zorig Gongorjav, Director of Custody Department at Golomt Bank. “We chose NRI for its robust, scalable, flexible and future-ready architecture as well as functionalities that include safekeeping of assets, securities settlement, corporate actions, client communication, cash and treasury management and many others. We are very pleased with the domain experts and experienced IT engineers from NRI Financial Technologies India. They made it possible to launch the solution within only three months by working closely with Golomt Bank personnel.”
NRI says Financial Solutions for Custodians, customised for the Mongolian market, combines the mature market sophistication of functionality and design with the flexibility required for emerging markets. Its salient features include:
- Straight-through-processing for trade capture;
- Real-time communication capability with clearing corporation, depository & clearing banks for settlement processing;
- Real-time balance updates;
- Auto matching & notifications;
- Supports SWIFT, XML, XLS and various other data formats;
- High-quality report generation;
- Support for a wide spectrum of both mandatory and voluntary corporate actions, with generation of notifications for entitlements and fail tracking;
- Configurable multi-level authorization of reference data and transaction data;
- Robust and scalable infrastructure to handle high volumes and failovers.
“We are thrilled to have been selected by such a leading progressive institution as Golomt Bank,” said Toru Watanabe, president, NRI Financial Technologies India. “NRI is committed to bring sophisticated technology solutions to emerging markets to provide robust and highly scalable platforms with the view that establishing world class IT infrastructure can boost investor confidence and fuel market growth.”
