Pegasystems (NASDAQ: PEGA), the software company powering the digital enterprise with Better Business Software, today announced that The Master Trust Bank of Japan, Ltd (MTBJ), headquartered in Hamamatsu-cho, Minato-ku, Tokyo, has rolled out a new custodial account management system built on Pegasystems' Build for Change platform.
The new application, launched in just six months, is designed to manage risk and increase operational efficiency in the account management process.
MTBJ leverages a diverse network of overseas custodians to perform administrative operations of off-shore securities. Custodial account management refers to operations where MTBJ opens and closes accounts with overseas custodians on behalf of customers. The new solution was designed to allow MTBJ to respond more quickly to changing business environments. By providing visualization of business operations and clarity of rules, the bank expects to reduce administration risks and increase the efficiency of organizational operations. This custodial account management system is the beginning of a digital transformation for MTBJ, which plans to introduce further process reforms using Pegasystems technology in the coming years.
Custodial account management is an extremely complicated process requiring more than 50 steps along with the transfer of many different types of documentation. The new Pegasystems solution facilitated collaboration between the business and IT teams to define processes and rule requirements, including the sharing of screen images to take advantage of non-coding development. This enhanced communication between IT and the business enabled this new system to be launched within six months.
"We are proud to be working with The Master Trust Bank of Japan on their digital transformation journey," said Nobuhiko Watanabe, Managing Director at Pegasystems Japan K.K. "The Master Trust Bank of Japan's vision for their new custodial account management system will enable them to provide a better experience for their customers, while also simplifying the bank's operations to drive greater overall efficiency for their account management process."