The largest private-sector bank in Egypt adopts Intellect® OneMARKETS to modernize its Custodial Operations
Multi-Asset, Multi-Currency, Multi-Lingual solution catering to a diverse range of investor categories
- Support for Fixed Income Instruments (TBills and T-Bonds)
- Support for Securities Settlements and Corporate Actions Processing
- Automation of 70% of existing custodial operations
- TAT of daily processes improved by 20%
- Online interfaces with SWIFT & Batch interfaces with MCDR
- Safekeeping services for domestic and international securities
- Provision of sub-custody services to BNY Mellon (Depository Bank) for Global Depository Receipts (GDR)
The client is a leading private sector bank in Egypt, offering a broad range of financial products and services to its customers, which include enterprises of all sizes, institutions, households and high-net-worth (HNW) individuals.
The client needed to automate its Custodial Services Landscape. To achieve this goal it adopted Intellect Custody, which comes under OneMARKETS from iRTM. The entire deployment process was completed within a timeframe of six months.
Intellect Custody’s unique web-based interface enabled the client to maximize throughput rates while minimizing infrastructure and communication costs. Post-implementation the bank had access to real-time information across its custodial services landscape. STP rates across all areas of custodial operations from deal capture through to clearing, settlement and corporate actions were significantly enhanced.
The automation of the Central Depository interface (MCDR) will provide enhanced operational productivity, mitigation of risks associated with manual operations and end-to-end trade tracking across all instrument types. Automation of MCDR is significant to the bank as 75% of the client’s business transactions are settled through this interface.
Intellect Custody will also enable the bank to service its clients' diverse investment strategies and multi-lingual reporting requirements.
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iRTM comprises of three comprehensive solutions catering to the needs in Treasury, Liquidity Risk and Capital Markets domains. The world's largest treasury operations is run over iRTM's solution. iRTM solutions are designed to deliver extreme performance, ensure regulatory compliance and provide an unmatched customer experience. With 68 implementations across 90 countries, we are a brand which progressive firms can rely on to power their banking & capital markets businesses.