Ray Lester, NAB Custody's director of delivery services says that the main benefit of the new system will be a reduced number of errors. However, the system would also enable several enhanced reporting capabilities.
One of the enhancements is the implementation of security-level attribution and comparisons against benchmarks.
"It completes the circle for benchmarking." Lester says.
pControl gives the custodian the ability to manage accruals into the unit price on an automated basis. These include funds management fees, custody fees and taxation figures.
"There's great automation in the overall process ... The system allows us to do other things but initial focus is on unit pricing," Lester says.
He adds that, from a regulatory point of view there is a lot of risk surrounding unit pricing.
"The lawyers have paid a lot of attention to it. There's been the APRA best practice guide and also a lot of press attention. We thought what we were doing was consistent with the industry but we thought we needed to be better than that and raise the bar with an improved process. "