5 things we learned about regulatory reporting from DTCC’s Val Wotton
Val delves into the data challenges of regulation and why data standardisation keeps coming up...
We are Banking, Financial Services and Insurance specialists. Our deep domain focus has enabled us to cut to the core of industry challenges and deliver innovative solutions alongside esteemed partners, such as EY, DTCC and AcadiaSoft. Xceptor is a single common platform, meaning that the technical investment needed to underpin industry-wide utilities is also realised by our customers in their day to day use of Xceptor.
EY, Global Vice Chair of Industry
Xceptor is making waves in the marine insurance industry with partners EY and Guardtime. In the world of marine insurance, claims processes move at a glacial pace, typically between 1-2 years with up to 100 different entities. With the help of blockchain and smart contracts, Insurwave enables ship owners to get paid instantly and ensure all affected parties are notified.
A traditionally paper-intensive, complex process with many counter-parties, Xceptor digitises insurance documents in any format, enabling the automation of downstream processes and a clear audit trail.
Val Wotton, Managing Director, Derivatives & Collateral Management, DTCC.
It’s all about the data. Regulatory scrutiny is intensifying and shows no signs of letting up. From MiFID to SFTR, firms are being asked to report on more data fields than ever before.
To help lessen firms’ operational burden, Xceptor is partnered with the DTCC to underpin the global DTCC Reporting Hub. Within DTCC’s Global Trade Repository (GTR), clients are able to leverage Xceptor’s data transformation capabilities to enrich, normalise and validate data before submitting it to the trade repository. Xceptor accepts data in any format and from any source, significantly simplifying the compliance process for all DTCC GTR clients.
Xceptor is an industry-wide solution. DTCC’s GTR processes more than one billion messages per month, covering over 40 million open transactions. Xceptor is relied upon to function at this scale and through our common platform model, all Xceptor clients have access to this scalability.
Chris Walsh, Chief Executive Officer, AcadiaSoft
Relay leverages Xceptor to automatically process email-based margin calls through AcadiaSoft’s world leading electronic margin processing tool, MarginSphere.
Through Xceptor’s industry-leading data capture functionality, Relay enables existing MarginSphere clients to achieve substantial cost savings by completely eliminating the need for manual emails in the margin process. Unstructured email data is transformed, enabling the automation of margin communications and, as a result, improving the timeliness, accuracy and control of collateral transactions.