Duco, a provider of Software-as-a-Service (SaaS) AI-powered data automation, has released a transaction reporting eligibility validator that provides an independent validation of internal eligibility rules by using field-by-field comparison of individual financial services firms’ rules versus existing ESMA eligibility requirements.
The solution highlights under and overreporting using Duco’s reconciliation and exception management capabilities, and regulatory industry knowledge from Quorsus, part of Capgemini’s financial services strategic business unit that provides consultancy to financial institutions. Users of the eligibility validator can run independent checks whenever they want, get results in minutes and access a clear audit trail. Its field-by-field capability allows users to see specific issues, discuss, and show ESMA that they are considering discrepancies at a deep level.
The transaction reporting eligibility validator will initially be available for EMIR, with more regimes to be added later.
“With EMIR Refit preparations in full swing, Duco has been supporting many buy-side and sell-side firms in getting ready with post-reporting assurance,” says James Maxfield, chief product officer at Duco. “Eligibility checks are a key pain point, so we decided to enhance our existing solution as customers need to show regulators they are putting robust controls in place.”
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