Nomura Research Institute, Ltd. (NRI), a leading provider of consulting services and system solutions, today announced it is providing NRI Financial Solutions for Transfer Agents to Nomura Bank Luxembourg S.A. (NBL).
NBL is the first client outside of Japan utilizing this offering, an extension of NRI's FundWeb Transfer solution.
NRI Financial Solutions for Transfer Agents is the first solution in Japan that automates data connectivity between distributors and investment managers, seamlessly connecting transfer agents outside of Japan with fund distributors in Japan. The hosted communication hub for foreign domiciled funds distributes investment management-related data such as notifications for subscriptions and redemptions, net asset value (NAV) and dividend data and other relevant information. NBL is currently connected with 23 distributors within Japan and by eliminating manual tasks, NRI Financial Solutions for Transfer Agents enables the firm to mitigate the operational risks of communicating via fax or emails.
NRI Financial Solutions for Transfer Agents can be seamlessly integrated with STAR-IV (NRI's back-office system for securities firms). Additionally, to alleviate issues associated with the time difference and language barriers that exist between investment managers and distributors in Japan and transfer agents in other countries, the platform has established a client support desk. As a result of NRI's helpdesk, NBL is not limited to the regional time zones and it provides the firm with the flexibility needed to seamlessly operate in an integrated global market.
The solution is securely managed in NRI's datacenters, and with servers in Yokohama and Osaka, Japan to house redundant information, the offering provides business continuity planning (BCP). As NBL deals with considerable amounts of information from nearly two dozen distributors, the solution's security and BCP system is a critical feature in preparing for natural disasters and a must-have for any firm operating in today's business environment. The solution enhances NBL's operational efficiencies, especially the distributors within Japan, and this feature differentiates the firm's service as a fund administrator from its competitors.
"In addition to the growth of the mutual fund market in Japan, there has been an increasing amount of investing in non-Japanese domiciled funds," said Katsuhiko Fujita, Senior Managing Director, NRI. "However, there is a significant amount of information being exchanged, especially when firms within Japan and outside of the country are communicating. This can create a major burden for a firm that is not automating its processes, and NBL is seeing increased efficiencies by using NRI Financial Solutions for Transfer Agents."
There are presently 70 investment managers and more than 200 distributors in Japan, including banks, broker dealers and insurance firms, utilizing FundWeb Transfer.