Source: Nomura Research Institute
Nomura Research Institute, Ltd.(NRI) today announced NRI’s Prime Settlement Service (PSS), Japan’s first utility service for investment banks, will incorporate Robotic Process Automation (RPA) to automate manual processes for post-trade operations starting April 2017.
RPA will be applied to the payment record processing phase of post-trade operations, where the input and reconciliation of data are typically still performed manually. Without RPA, each data file must be received through email and manually uploaded to the back-office systems before being reconciled separately in the process. Overall, the entire process requires a significant amount of double-checking to prevent operational mistakes, and financial institutions have long sought measures to improve service quality.
Through the use of RPA, the process will be automated with no room for human mistakes. The implementation increases both the quality of the process as well as the volume of the transaction it can handle. “The automation of post-trade operations is one of most consistently in-demand upgrades that we receive from our customers,” said Michiko Matsubara, PSS Group Manager of NRI. “Investment banks are looking to create the most efficient environments possible, and freeing up their teams from grating and time-consuming tasks through innovative technology solutions is the first step towards upgrading a workforce. We’re excited to be working with our banking partners to implement such solutions.”
NRI will use the RPA technology provided by UiPath, a leading RPA solution provider based in the UK. UiPath’s automation product has a strong reputation among financial institutions in the US and Europe and is known for its high usability and agility.
This new RPA-enabled function will be available as an option for PSS users.
NRI is continuously exploring more ways to incorporate RPA and utilize new technologies to increase overall operational efficiency.