Duco is introducing a new concept with preconfigured processes, aimed at reducing the time spent on setting up new processes. With just a few clicks, you will be able to create a reconciliation process with both data prep inputs as well as pre-set match fields.
The launch of our first set of preconfigured processes is focused on helping clients to get ready for the EMIR Refit, due to go live in April 2024. Our out-of-the-box solution comes with a pre-mapped reconciliation that incorporates the EMIR ISO XML file format (auth.108.001.01 and auth.030.001.03), allowing you to reduce the time spent on setup and maintenance of reconciliation processes. And the best part? We maintain the process so whenever there’s an update from ESMA, we update the process parameters. That’s right - no rebuilds necessary. We do it all.
We’re delivering the EMIR Refit solution now, to ensure you can meet the regulatory timelines and complex changes coming in April 2024. Other solutions will follow as the pace of regulatory change continues.
Using preconfigured processes
Clicking on the ‘Create process’ button will redirect you to a new page where you can find the preconfigured processes available for the EMIR Refit regime. We are launching two separate preconfigurations to account for the different schemas required by the regulator. Thus, trade and collateral data can be reconciled on separate dedicated reports, the latter being a trimmed down version of the trade report.
To be able to see what is available as part of these preconfigured processes, click on ‘View template’ which will take you to the preconfigured processes page.
You'll see process details at the top of the screen. The release version will be updated whenever the regulator announces changes to the reporting requirements. We will provide a summary of the updates required and give you the option to apply these changes to your existing preconfigured processes. Any new processes would automatically be created in line with the standards from the latest release.
If you wish to create these pre-set processes, you need to provide process names and codes.
Both Data Prep processes will come with columns already mapped to reporting fields required by the EMIR Refit regime alongside a consistent naming convention. They will be acting as the data inputs for your reconciliation process and they will be automatically linked at source. If you ingest ISO XML file ,all fields will be pre-mapped for you. You can also ingest any other format(non-ISO format) and perform one-time initial mapping of fields manually and rest will be preconfigured for you.
Once you are satisfied with the set up on Data Prep inputs, you can open the reconciliation process and the match fields will already be set up for you. You’ll see a padlock next to these fields to indicate they cannot be changed or deleted as they are mandated by the regulation.
All these pre-set field headings will be highlighted to help you easily identify which ones need to be reported as part of the EMIR Refit.
If you would like to explore this new functionality, please contact your Duco representative for further details.