DST International (DSTi) – the leader in business solutions for the investment management industry and business process management today confirmed that the Reserve Bank of Fiji plan to implement the company's flagship back-office solution, HiPortfolio/3.
The conversion will see Fiji's central bank move to DSTi's global platform for fund administration and accounting in early 2005.
"We have been successfully relying on the DSTi Impart/2 solution since 1998 to manage our foreign currency assets," outlined the Governor of the Reserve Bank of Fiji, Mr Savenaca Narube.
"Our foreign currency assets such as bank accounts; term deposits; foreign exchange transactions and foreign securities; including discount securities, bank bills and government bonds have all been processed on a monthly basis with DSTi technology to date. We have chosen to convert to HiPortfolio/3 to provide a new level of automation for primarily our settlements team and will further assess the merits of incorporating HiPortfolio/3 into our reporting functions for our middle office," Mr Narube continued.
For the Reserve Bank, they will expect to achieve better analysis, reporting and management to markets data, including an improvement in scenario-based forecasting with the implementation of HiPortfolio/3.
"We have already noticed during the training of our team with DSTi that we can attain process improvements such as enhanced designing of reports and selection printing that is now capable of reducing the unnecessary level of accounting information we have been printing in the past. There is more flexibility in the HiPortfolio/3 solution which will provide greater support service for our business goals," Mr Narube concluded.
"We are pleased to see that the global rollout of HiPortfolio/3 is continuing in the South Pacific," commented Ian Mathieson, Chief Executive Officer, DST International.
"Our commitment to our customer base in the Asian and South Pacific regions takes into account the automation of fund management accounting and administration for multi-currency environments and this includes our Fijian customer base. We look forward to further assisting the Reserve Bank with its task of providing a sound financial infrastructure for the people of Fiji," he concluded.