Northern Trust has become a member of Australia’s high value clearing system.
Northern Trust will now process and settle its own high value payment obligations on a real-time gross settlement basis via the Reserve Bank and Information Transfer System.
As a direct clearer of Australian Dollars, Northern Trust will manage its intra-day payment flows directly with other members of the high-value clearing system and perform all other required activities relating to cash settlements for high value payments that were previously conducted by Northern Trust’s sub-custodian in Australia.
As part of the transition, Northern Trust has appointed Robert Poulter as head of the company’s Australian cash operation.
Based in Melbourne and reporting to Charlie Lebrun, head of international cash management, Poulter will be responsible for cash and liquidity management, relationship management and market advocacy as it pertains to cash.
Poulter brings more than 30 years of experience in financial services within senior roles in custody and transfer agency operations.
Angelo Calvitto, Northern Trust country executive, Australia, said: “This move cements our commitment to the Australian market and builds on recent client wins and new hires we have made as we continue to build out our presence in the region.”
He added: “By becoming a direct clearer of Australian Dollars on behalf of our clients, Northern Trust now has greater real-time visibility of cash and is able to take direct responsibility for the accurate and timely receipt of client funds. This is a logical next step as we continue to build out our capabilities and footprint in this strategic market.”
