New York - Nomura Research Institute has announced that its 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 error. The implementation aims to increase 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.
NRI will use the RPA technology provided by UiPath, an RPA solution provider based in the UK.