Nomura Research Institute reports Industrial and Commercial Bank of China deal

Source: Nomura Research Institute

Nomura Research Institute, Ltd., a leading provider of consulting services and system solutions, today announced ICBC Tokyo is now using I-STAR/LC, starting December 1, for their treasury bond and payment settlement with Bank of Japan.

ICBC became an affiliate bank for BOJ Foreign Exchange Yen Clearing System and implemented I-STAR/LC based on the solution's performance and its advanced functionality.

I-STAR/LC has been supporting treasury bond and payment settlement with Bank of Japan since 2005 and is the only ASP solution in Japan which connects to BOJ-NET, supporting real-time gross settlement for brokerage firms, banks and trust banks. I-STAR/LC formats messaging data for and from BOJ-NET and the ASP system allows clients to implement the solution quickly. I-STAR/LC also supports cash management and settlement status management between China and Japan.

"NRI is committed to alleviating the concerns of clients that are affected by recent and future regulatory changes and as a result, currently serves the majority of the financial institutions who participate with CPU-to-CPU linkage," said Shin Kusunoki, Corporate Senior Vice President and Asset Management Systems Division Manager, NRI. "By utilizing I-STAR/LC, ICBC will be able to cut costs for their internal system development, while maintaining full regulatory compliance."

NRI recently upgraded I-STAR/LC including enhanced security features and a new single sign-on screen with other NRI platforms to provide a total solution for whole sale brokerage firms. I-STAR/LC also plans to comply with the anticipated 2nd phase of next generation Real Time Gross Settlement System in Q4 2011 as well as the two phases of BOJ-NET new system releases expected in 2013 and 2015.

ICBC will utilize their own SWIFT based interface to exchange data with I-STAR/LC.

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