Accra, July 6, GNA - HFC bank has acquired a state-of-the-art software Custody 2000 (C2K) to facilitate its operations.
The software which has been tried and tested in Africa, including Ghana, is a comprehensive software with the ability for settlements processing, corporate actions processing, reporting , SWIFT messaging, fax, email, portfolio valuation to meet regulatory requirement and client billing.
This was announced by Mr Augustine Kwakye-Agyekum, Custody Services Adviser of HFC Bank at the launch of the Custody Services in Accra aimed at providing a more efficient and secure management of funds for its clients and the public.
The Custody Services is also in connection with the new three-tier Pension Scheme in the country and the development in the world since 2007, which called for strong ethics and high level of efficiency in pension and other fund management.
Mr Kwakye-Agyekum said the software had the ability to interface with the banks main banking platform and an unique internet interface which allowed clients to view their positions and trade status via internet, as well as on-line reporting and trade capture.
He explained that the software formed part of the bank's systems back-up arrangement, which included daily, monthly and year-end back-ups which were kept on-site and off-site.
Mr Kwakye-Agyekum said the custody services operations had been catered for at the bank's business continuity site which would allow for normal operations in case of a disaster occurring at the normal place of work and in a maximum of three hours, operations could resume at the contingency site should the bank's emergency plans be invoked.
The business contingency site is 12.3 kilometres away from the normal place of work.
Mr Asare Akuffo, Managing Director of HFC Bank said since its incorporation in 1990 and commencement of business in 1991, it currently had 28 branches, and listed on the Ghana Stock Exchange, granted universal banking licence and was licensed as a custodian by the Securities and Exchange Commission of Ghana in January 2012.
It has also been registered by the National Pensions Regulatory Authority to offer custodial services pursuant to the National Pensions Act 2008(Act 766).
He pointed out that since its establishment, the bank had been involved in unit trust, equity fund and some other fund management but had not been affected with any ethical problems.
"We have been tried, tested and proven", he said adding that as experienced players already understood the business of custody management, participants of the new three-tier pension scheme should make the bank their first custodians.