Prologic Corp., a leading provider of client/server banking systems and close ally of Microsoft Corp., said its mutual fund technology has been installed by more than 100 Japanese financial institutions through an arrangement with Nomura Research Institute Ltd.
Among the users of the system, Bestway AM, are leading commercial banks Dai-Ichi Kangyo Bank, Fuji Bank, Sakura Bank, and Sumitomo Bank. Eighty institutions went live Dec. 1, and the rest have been added in recent weeks. The services are available through more than 1,000 branches.
Bestway, designed to capitalize on the Japanese "big bang" financial deregulation, is based on Prologic's Probe. The on-line transaction processing system, which enables the Japanese banks to provide mutual funds to their customers for the first time, is a key module of Ovation, Prologic's Microsoft Windows NT- and SQL Server-based banking system.
Bestway can handle a range of mutual fund operations including account registration, order entry, trade confirmation, settlement, and account statement information.