Complete digitalisation of fund accounting services is the target for global custodian Northern Trust, as it is rolling out solutions from its “Fund Accounting Optimisation Lab”, Global Custodian observes.
According to the Global Custodian article, Northern trust is seeking to “reduce manual entries and repetitive tasks when producing daily net asset value (NAV) for funds”, by applying new capabilities that use robotic processing automation (RPA) and artificial intelligence (AI).
An oversight tool called Control Centre is said to have improved NAV cycles by 40 percent, through task automation. Getting rid of the risk of human error is a key purpose.
Three years ago, the then-new Fund Accounting Optimisation Lab initiative at Northern Trust was detailed in this article on the website of recruiter Efinancialcareers.
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