Standard Bank has implemented an automated custody solution that circumvents problems associated with poor telecommunications infrastructure in Africa.
The customised solution from Securities & Trading Technology (STT) employs a hub-and-spoke approach that sees all of Stanbic Bank and Standard Bank's custody and investor services branches in sub-Saharan Africa connected to a central hub in Johannesburg.
STT says this not only circumvents poor telecoms infrastructure, but also the associated support issues evident in discrete installations.
STT marketing director Michelle Janke says the system has built-in security measures to match trades, cutting out the need for manual confirmation. The hub also means only one point of SWIFT communication, resulting in more speed and less room for error.
SWIFT is the international financial message carrier.
Craig Sampson, head of non-banking financial institutions and custodial services at Stanbic Africa, says the system was installed in Standard Bank Namibia four-and-a-half years ago.
"The automated solution allowed us to create a tighter focus on custody and creates the platform on which we can offer our clients value-added products, such as investment administration and trustee services," Sampson says.
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