Source: Innovest Systems
Mitsubishi UFJ Trust & Banking Corporation (U.S.A.), a leading US custodian and a member of Mitsubishi UFJ Financial Group (MUFG), and Innovest Systems, LLC, a leading provider of trust accounting and securities processing systems, announced today that Mitsubishi UFJ Trust & Banking Corporation (U.S.A) (MUTU), has selected its flagship product, InnoTrust, for its global custody platform.
MUTU now has, through Innovest, an internet-based, customized, and scalable trust and custody platform that addresses its global requirements for its institutional investors. The InnoTrust platform will allow MUTU to deliver enhanced client service, thereby contributing to its expanding U.S. custody operations.
InnoTrust enables independent trust companies, trust and custody departments of banks, wealth management firms, third-party retirement plan administrators and others to manage their financial and accounting information with greater processing efficiency and speed as well as lower costs. Offered as an Application Service Provider (ASP), InnoTrust provides robust functionality without the attendant installation and operational costs of on- site legacy platforms. The InnoTrust platform is customizable and scalable, and has the flexibility to adapt quickly to changing client and market needs.
MUTU's selection of InnoTrust is the latest example of the market's confidence in Innovest's state-of-the-art offering. In addition to its robust securities accounting capability, InnoTrust delivers the features and functionality required by a global custodian, with the interfaces to support that functionality. Working closely with MUTU, Innovest has put in place sophisticated SWIFT, DTC, and OFAC capabilities.
The MUTU agreement is the latest in a series of new clients that has adapted the Innovest strategy of easily tailoring the platform's features and functions to meet current market conditions. Firms are migrating away from embedded "heavy" platforms, which are costly to operate and service, to flexible applications provided by more nimble organizations such as Innovest.
Said Mr. Hiroshi Nakamura, SVP of MUTU: "When we considered the range of providers available, it was our intention to contract with an organization that would anticipate where our industry and our firm would be five to ten years out. We needed a provider that could support our custody business in a high-demand, error-free environment. Innovest met all our criteria, and is poised to build the necessary capabilities in whatever direction the industry and our business strategy require."
Said William Thomas, Innovest's CEO: "We are committed to providing financial firms a state-of-the-art yet cost-effective way of providing securities accounting and custody services. Innovest's adaptable technology, combined with our dedication to client service, distinguishes us in a market too long captive to legacy approaches. We believe that in partnering with us, MUTU now has a robust, long-term application that is flexible enough to grow their current business, while simultaneously having in place a platform that will support continued growth."