NAB Asset Servicing has connected to the Calastone global transaction network to facilitate its interaction with fund managers.
The NAB division announced the link to Calastone this week with the head of registry services, Anthony Gale, saying it had allowed the straight-through processing of managed fund transactions which had previously been reliant 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," he said.
"We certainly won't be sorry to see the end to the hundreds of faxes we receive on a daily basis."
Gale said Ausbil Dexia had been one of the first clients to connect to the network, and NAB Asset Servicing looked forward to getting all clients on board over the coming months.
