U.K. consultants Brewin Consulting has introduced Reference Data Diagnostic, which helps financial institutions understand and tackle data quality issues around reference data. The system offers analysis on why quality of certain data is poor and offers suggestions on how to improved it. At the heart of the system is a reference data rule base that includes client and product information. The system describes data in business terms and uses fuzzy logic and artificial intelligence to match requirements with actual data. RDD’s rule base runs on a diagnostic engine developed by Infoshare Ltd., a U.K. data diagnostics company. Infoshare’s system is being used by Barclays to gain a single view of customers across multiple systems and departments. Brewin has operated a European pilot of the RDD system, and launched officially May 24.
A-Team Insight Blogs
Brewin Consulting Launches Reference Data Diagnostic
Digital transformation in the financial services sector has raised many questions around data, including the cost and volume of reference data required by each financial institution. Firms want to pick and choose the reference data they need to fulfil their requirements. Emerging solutions with the potential to decrease the cost of data and increase flexibility...
DSB Publishes UPI Implementation Timeline, Lists Products Requiring Identifier, Opens Second Fee Model Consultation
The Derivatives Service Bureau (DSB) has taken three more significant steps towards go live of the Unique Product Identifier (UPI) service in July 2022 with the publication of a draft implementation timeline, an initial list of products that will require UPIs and a second UPI fee model industry consultation focusing on the timeline and encouraging...
TradingTech Summit (TTS) Virtual will look at how trading technology operations can capitalise on recent disruption and leverage technology to find efficiencies in the new normal environment. The crisis has highlighted that the future is digital and cloud based, and the ability to innovate faster and at scale has become critical. As we move into recovery and ‘business as usual’, what changes and technology innovations should the industry adopt to simplify operations and to support speed, agility and flexibility in trading operations.
High-profile and punitive penalties handed out to large financial institutions for non-compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations have catapulted entity data management up the business agenda. So, too, have industry and government reports on the staggering sums of money laundered on a global basis. Less apparent, but equally important, are...