Reducing the risk of Settlement in Banking

The Challenge

The number of different sources and formats make settlement data challenging to transact and reconcile. Further, regulation requires settlement occurs within prescribed timing otherwise fines could be excessive. With our client having this challenge with standard settlement instruction (SSI) data, it was important to establish a common format and place data transformation in the hands of the business for ease of reconciliation and sending.

Our proposal

We built a model of the data to be reconciled with iQroute as the target format. The tool was then pointed at each source and, using its discoverer and accelerator modules, established connections to the data to be validated and transformed. Once checked and enriched, the data workflow provided ongoing automated reconciliation of SSI and ease of settlement verification. For those data that did not reconcile or had integrity issues, workflow actions were able to be provided to data and business custodians. All of these items ensured a greater speed in and integrity in settlement, resulting in greater profitability and lower fines.