NAB Asset Servicing farewells faxes with Calastone connection
NAB Asset Servicing has connected to the Calastone global transaction network to receive fund transactions electronically on behalf of fund manager clients.
Asset Servicing head of registry services Anthony Gale said he was excited to replace faxes and manual data entry with straight-through processing on managed funds transactions.
He said he hoped it would build momentum in the industry.
"Straight-through processing provides benefits to all market participants through the reduction of risk and improved accuracy and timeliness," he said.
"We certainly won't be sorry to see the end to the hundreds of faxes we receive on a daily basis.
"NAB's participation in the Calastone initiative helps build the momentum across the industry for a straight-through processing solution for managed fund transactions."
Gale said NAB Asset Servicing was looking forward to getting all of its clients on board over the coming months.
Ausbil Dexia Limited was one of the first clients to connect.
Ausbil Dexia chief operating officer Mark Reilly said: "From a client perspective, the new system provides greater clarity regarding the status of their transactions and dramatically reduces operational risk throughout the trade process.
"It's quick and efficient, and a great advancement for the funds management industry as a whole."
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