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NRI Financial Solutions for Custodians Goes Live at Golomt Bank of Mongolia

Sep 24. 2015

TOKYO, September 24, 2015 – Nomura Research Institute (NRI), a leading provider of consulting services and system solutions, announced today the successful go-live of its Custody solution with Golomt Bank of Mongolia, a pioneer among Mongolian banks in introducing initiatives to accelerate development in the regional financial sector.

In August 2014, Golomt Bank became the first custodian bank in Mongolia to obtain the Custody Operations license from the Mongolian Financial Regulatory Commission. The NRI Financial Solutions for Custodians has enabled the bank to establish a fully equipped custodian service offering tailored for a wide spectrum of financial activities with a comprehensive suite of products, services and tools. 

 “We went through a careful process of evaluation of all the solution offerings by various vendors before deciding on the NRI Financial Solutions for Custodians,” said Zorig Gongorjav, Executive Vice President and Head of Custody Department at Golomt Bank. “We chose NRI for its robust, scalable, flexible and future-ready architecture as well as functionalities that include safekeeping of assets, securities settlement, corporate actions, client communication, cash and treasury management and many others. We are very pleased with the domain experts and experienced IT engineers from NRI Financial Technologies India. They made it possible to launch the solution within only three months by working closely with Golomt Bank personnel.”

The NRI Financial Solutions for Custodians, customized for the Mongolian market, combines the mature market sophistication of functionality and design with the flexibility required for emerging markets. Some of the salient features of the solution include:

  • Straight-through processing for trade capture
  • Real-time communication capability with Clearing Corporation, Depository & Clearing Banks for  settlement processing
  • Real-time balance updates
  • Auto matching & notifications
  • Supports SWIFT, XML, XLS and various other data formats
  • High-quality report generation
  • Support for a wide spectrum of both mandatory and voluntary corporate actions, with generation of notifications for entitlements and fail tracking
  • Configurable multi-level authorization of reference data and transaction data
  • Robust and scalable infrastructure to handle high volumes and failovers

“We are thrilled to have been selected by such a leading progressive institution as Golomt Bank,” said Toru Watanabe, President, NRI Financial Technologies India. “NRI is committed to bring sophisticated technology solutions to emerging markets to provide robust and highly scalable platforms with the view that establishing world class IT infrastructure can boost investor confidence and fuel market growth.”

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Golomt Bank, established in 1995, offers the complete spectrum of commercial and investment banking services to both domestic and international enterprises active in trading and investing in Mongolia. It has long been the pioneer among Mongolian banks introducing card services, e-banking, adherence to IFRS, appointment of Big 4 external auditors and in the combined fields of transparency and corporate governance. Golomt Bank's exclusive focus as a customer-centric bank has led to its constantly expanding market share within the overall banking and financial sector. Golomt Bank remains the only Mongolian bank to attract direct equity related investment from many of the world's major international commercial financial institutions. Golomt Bank was the first Mongolian commercial bank admitted to the S.W.I.F.T network to execute its customers’ international money transfers. Golomt Bank enjoys correspondent banking relationships with many of the world’s leading banks in the major international and regional trading economies and plays a predominant role in international remittances to and from Mongolia. As further recognition of its leading reputation among international counterparties, Golomt Bank was selected by American Express as an exclusive acquirer bank in Mongolia and by IATA (The International Air Transport Association) as an exclusive Billing and Settlement Plan bank in Mongolia. For more information about Golomt Bank, visit www.golomtbank.com.