Kenyan technology firm Innova Ltd has launched a new software that is expected to improve the efficiency of custodian banks by automating their processes.
The Custody and Trading Software helps banks carry out automated pricing and valuation, processing of corporate actions and efficient tracking of assets.
It automatically downloads daily stock and bond prices from the Nairobi Securities Exchange and exchange rates from the Central Bank, allowing custodians to focus more on value addition.
“It is critical that banks have an efficient system to meet their clients’ requirements in a timely and accurate way,” said Mr Vincent Ntalami, a director of Innova.
Speaking at the launch on Tuesday, Central Depository and Settlement Corporation (CDSC) chief executive Rose Mambo said the launch of the Innova Custody software comes at the right time considering the on going initiatives within the Kenyan capital markets to align it with international best practices.
“We have been working hard to lift the standards of our capital markets by automating most processes which is in line with the national dream of establishing Kenya as an international financial hub,” Ms Mambo said.
She said the on going share immobilization process is well on course and is expected to be completed in the first quarter of next year.
Ms Mambo said CDSC is in the process of upgrading its systems to allow investors perform additional functions such as share borrowing.