NAB Asset Servicing has announced the successful connection to the Calastone global transaction network with the business now receiving fund transactions electronically on behalf of fund manager clients.
Calastone is an independent global transaction network for the managed fund industry.
Asset Servicing head of registry services, Anthony Gale, said he was excited by the opportunity to achieve straight-through processing on managed fund transactions that historically have relied on fax and manual data entry.
“Straight-through processing provides benefits to all market participants through the reduction of risk and improved accuracy and timeliness. We certainly won’t be sorry to see the end to the hundreds of faxes we receive on a daily basis.”
“NAB’s participation in the Calastone initiative helps build the momentum across the industry for a straight-through processing solution for managed fund transactions. We look forward to getting all our clients on board over the coming months.”
