Nomura Research Institute (NRI), a consulting services and system solutions vendor, reports that Golomt Bank of Mongolia has gone live with NRI’s custody solution, which will help the bank establish its custodian services, officials say.
Golomt Bank, which has been introducing initiatives to accelerate development in the region’s financial sector, is the first custodian bank in Mongolia to obtain the custody operations license from the Mongolian Financial Regulatory Commission, officials add. Since the designation in August 2014, Golomt Bank has been developing a fully equipped custodian service offering tailored for a wide spectrum of financial activities that includes a suite of products, services and tools, bank officials say.
“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, executive vice president and head of the custody division at Golomt Bank, in a prepared statement.
In addition to the NRI system’s architecture, bank officials selected the platform for its functions, which include the safekeeping of assets, securities settlement, corporate actions, client communication, and cash and treasury management, officials say. The domain experts and experienced IT engineers from NRI Financial Technologies India “made it possible to launch the solution within only three months by working closely with Golomt Bank personnel,” Gongorjav adds.
In fact, the system, NRI Financial Solutions for Custodians, was customized for the Mongolian market, and some of its key features include:
• Straight through processing for trade capture;
• Real-time communication capability with the clearing providers for settlement processing;
• Real-time balance updates;
• Auto matching and notifications;
• Supports SWIFT, XML, XLS and various other data formats;
• Report generation;
• Support for a wide spectrum of mandatory and voluntary corporate actions, with generation of notifications for entitlements and fail tracking;
• Configurable multi-level authorization of reference data and transaction data;
• And robust and scalable infrastructure to handle high volumes and failovers
Toru Watanabe, president, NRI Financial Technologies India
“We are thrilled to have been selected by such a leading progressive institution as Golomt Bank,” said Toru Watanabe, president, NRI Financial Technologies India, in a prepared statement. “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,” Watanabe says.
Established in 1995 as a wholly owned subsidiary of Bodi International L.L.C., Golomt Bank offers commercial and investment banking services to both domestic and international enterprises active in or trading and investing in Mongolia, officials say.
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