Nomura Research Institute Ltd., a leading provider of consulting services and system solutions, today announced it is upgrading its real-time clearing and settlement solution I-STAR/LC for the last stage of updates undertaken by the Bank of Japan Financial Network System (BOJ-NET). Driven by the globalization of the capital markets and industry-wide IT innovation, Bank of Japan set out to upgrade its computer system, which processes settlements of funds and government bonds, in two phases.
Already implementing phase 1 requirements, NRI’s I-STAR/LC will also include increased security measures, further flexibility, and new functionalities. NRI will provide holistic implementation support for clients looking to adopt the latest version, including for operations, system connectivity and system testing. In addition, NRI will provide a pre-workshop and manual for online testing and assign a support desk for the day to ensure a smooth process. I-STAR/LC has been the de facto standard service in this field for years and has been used by approximately half of the financial firms in Japan that connect to the BOJ network.
“As a leading provider of solutions for BOJ-NET, NRI is dedicated to ensuring a secure and successful implementation of phase 2,” said Yasuki Okai, Senior Managing Director and Financial Technology Solution Division Manager, NRI. “We worked closely with our clients and industry participants to understand the impact of the new system requirements on their businesses and have included their feedback in our I-STAR/LC upgrade. NRI aims to continue contributing to BOJ-NET enhancements and to the overall improvement of the Japanese capital markets.”
For the second phase of the update project, the I-STAR/LC platform will operate in NRI’s state-of-the-art data center, which is equipped with the newest earthquake-proof engineering, a double power source, air conditioning and a high level of data security.
The first phase of the BOJ-NET upgrade adopts changes of Japanese Government Bonds delivery-versus-payment (DVP) operations and it is expected to go live on January 6, 2014. The second phase, which includes adopting ISO20022 standards, extending operation hours and modifications for settlement operations, is expected to go live in 2015. I-STAR/LC is offered as an ASP service, helping reduce the burden financial firms face when upgrading systems to meet new industry regulations.