Duco, a SaaS provider of AI-powered data automation, has released pre-configured processes to help financial institutions meet the requirements of EMIR Refit, which comes into play on 29 April 2024 in the EU and 30 September 2024 in the UK, and includes additional reporting fields, the Unique Product Identifier (UPI) and Unique Trading Identifier (UTI).
The Duco out-of-the-box processes provide data controls between trade capture, trade reporting store and trade repository in line with EMIR Refit ISO XML formatting. They also include operational dashboards for improved oversight and exception management, intelligent root cause analysis suggestions, and a workflow engine to appropriately route and remediate exceptions.
“Preparation for the Refit is heating up,” says James Maxfield, chief product officer at Duco. “We are seeing firms struggling with legacy providers. Some systems can’t manage the number of columns and fields, which means firms have to break up reconciliation processes. Others generate so many breaks in internal control reconciliations that firms can only reconcile weekly, which won’t be adequate for ESMA’s increased expectations around data integrity. Data quality is also continuing to degrade. Duco’s solution embeds data quality checks into matching rules and completeness checks to ensure trusted data.”
The solution takes a few days to deploy, doesn’t require any build, and manages regulatory changes within the SaaS model.
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