Westpac has announced the client launch of online custody for the March 2006 quarter, enabling access to client accounts in a timely manner.
Westpac’s online custody product was rolled out internally in early December and is due to be pilot tested before the end of February 06. Westpac reports that feedback from its clients who were provided early demonstrations and participated in a usability review has been very positive and described the system as “[the] best custody application we’ve seen,” and “easy to navigate.”
The expected date for the client launch will be first quarter 2006. This launch will deliver over 70% of the total functionality for the online custody offering and will include features such as a market information library. Clients will be able to search for market information based on key words in a more secure environment and will also have the ability to receive information specific to them from Westpac Custody. Historic information will be provided. There is also an import feature that will enable clients to send trade settlement instructions via a spreadsheet direct to Westpac Custody in a secure environment. Client Online Enquiry will enable clients to do online Enquires relating to their accounts. In the initial launch clients will be able to enquire about security details, securities account details, trade transactions, cash transactions, holdings and valuations and client online reporting. Clients will also be able to request and download numerous reports relating to their accounts and statements.
The final stage of Online Custody to be delivered will be the online billing generation feature. Scoping and review is currently underway, with implementation and testing targeted for completion by end of February.