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Towards advanced reference data management at transaction banks: Creating a centralised view


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The role of reference data and its management is gaining greater significance within transaction banks. Transaction banking is under growing pressure to improve reference data management processes and to manage (operational) risk more effectively. Triggered by regulators requiring greater transparency and accountability, increased trading volumes, and customers demanding greater efficiency and accuracy, banks are now increasingly looking to upgrade their existing reference data systems. Some have already initiated major projects to centralise various reference databases or are thinking of outsourcing, for instance by going into the cloud. This paper investigates how banks nowadays use and manage reference data. It tackles issues such as the importance of good reference data management and the various business drivers. But it also addresses the constraints that prevent banks from delivering accurate information in a timely manner. The main questions this paper explores are: What should the future reference management system look like? What are the challenges to overcome and the benefits to be realised?
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Keywords: FATCA; Legal Entity Identifier; golden source; know your customer; on-boarding; reference data; service-level agreement

Document Type: Research Article

Publication date: March 1, 2015

More about this publication?
  • Journal of Payments Strategy & Systems publishes peer-reviewed articles and case studies analysing best practice, emerging issues and new thinking in how to develop a profitable, customer-focused payments strategy. It examines major issues facing the corporate, wholesale and retail payments industry from a business, risk and operational perspective.

    Edited by renowned payments expert Alec Nacamuli and guided by an eminent Editorial Board, each quarterly 100-page issue provides practical, detailed analysis of developments and trends in the payments business, regulation, new entrants and technologies and how to bring them all together to define your payments strategy, as well as actionable advice and ‘lessons learned’ from fellow professionals on how payment processing systems can be leveraged to maximise profitability, security and efficiency and minimise risk. It contains no advertising and no advertorial.

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