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Prime Bank, Kenya Upgrading MoneyWare Custody Suite from Version 14.2 to 18.1

Prime Bank, Kenya one of the leading banks in the country have decided to upgrade their custody platform with the latest version of MoneyWare Custody. MoneyWare Custody upgrade is aimed at helping the bank gain further efficiencies in business through straight through processing through integration with Central Depository and Settlement Corporation (CDSC’s) new platform and Nairobi Stock Exchange along with implementation of client portal inline with bank’s mission of providing world-class experience to its Custody Clients.

Prime Bank has been using MoneyWare Custody 14.2 for over 5 years. The upgrade project once completed will support the bank’s ambitious growth plan and bring about tangible business benefits. These benefits include:

• Core Banking Integration
• Integration with Nairobi Stock exchange for daily price feeds
• CDS integration for Holding reconciliation
• Client Portal with Instruction Management capability
• Document Management enabling single point, secure digital KYC storage and maintenance
• Email scheduling and alert notification to customer
• With Holding Tax (WHT) capability on invoicing module
• Enhance Corporate action processing module with WHT levy capability
• In detailed classification of securities into BALANCE FREE and PLEDGED on portfolio statement
• Ability to generate Cash report from system for client reporting
• Tolerance maintenance in Trade matching process
• Enhanced query criteria in Report writing tool

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