NAB Asset Services has announced it is now receiving fund transactions electronically after connecting to the Calastone global transaction network.
By connecting to Calastone, an independent transaction network for the managed fund industry, NAB is now able to process managed fund transactions electronically, while previously it has relied on fax and manual data entry.
"Straight-through processing provides benefits to all market participants through the reduction of risk and improved accuracy and timeliness," NAB Asset Servicing head of registry services Anthony Gale said.
"We certainly won't be sorry to see the end of the hundreds of faxes we receive on a daily basis."
NAB said the automated services will benefit the industry by making visible instantly those orders that need attention, and by reducing risk.
"NAB's participation in the Calastone initiative helps build on momentum across the industry for a straight-through processing solution for managed fund transaction," he said.
"We look forward to getting all our clients on board over the coming months.
Ausbil Dexia Limited was one of the first clients to connect to the Calastone network and the company said the benefits of electronic fund transaction are immense.
"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," Ausbil Dexia Limited's chief operating officer, Mark Reilly, said.
"It's quick and efficient and a great advancement for the fund management industry as a whole," he said.
"We are very pleased to be accessing this network via our relationship with NAB Asset Servicing."
