NOVA Payments
NOVA Payments / Cash refers to the actual settling of cash component of any underlying FOP transactions. A payment method is the means by which a payment is made by the firm to an external party such as a client or market counter party. NOVA supports multiple payment options, including automatic/manual cheques, sweep (to a clearing account), direct credit (DeskBank) - with files created to be sent to the firm’s bank, group payment for aggregated payments to an intermediary (for multiple client accounts), BACS & CHAPS (UK market only), sub agent global, and other user defined payment methods. User can define the default number of days to clear the payment.
Benefits
NOVA supports multiple payment options, including automatic/manual cheques, sweep (to a clearing account), direct credit (DeskBank) – with files created to be sent to the firm’s bank, group payment for aggregated payments to an intermediary (for multiple client accounts), BACS & CHAPS (UK market only), sub agent global, and other user defined payment methods.
The auto-payment process picks up open items in the client’s current account (related to settled contracts, journals, and corporate actions) and generates payments in the form of a cheque or direct credit. The system can be configured to generate separate jobs by currency, market, and client type. The system checks available funds across all payment methods to ensure the account is in a net credit state before making any payments.
Features
Payment Methods and Payment Instructions Maintenance
Bank Maintenance and Transactions Reconciliation
Open Item Allocation
Cheque Printing and Reconciliation
Direct Credits Processing
Payment & Receipts Management
Improve Operational Efficiency
with automated Straight Through Processing and multi tier architecture
Reduce Cost
operate more efficiently, and minimise risk with cloud-hosted infrastructure
Scalable & Future-Ready
with multi tier architecture enabling load balancing and increased security
Lower Security Risks
multi tier architecture that isolates critical data under several encrypted layers
Strong Clearing & settlement
ecosystem with direct interface with all major CSDs across APAC
Improve Compliance
to ever-evolving regulatory requirements across multiple jurisdictions