VDirectory
 
It is expensive to send the wrong information to your correspondent banks. It has a financial and reputational cost. It is expensive to cleanse data and reformat for a variety of proprietary and legacy systems. It is expensive to have a multitude of departments maintaining similar sets of data. It is even more expensive when the similar sets of data turn out to be not so similar.
It is extremely costly when the incorrect data means a suspicious message is not detected, or the incorrect account is credited.
 Directory is a leading edge solution that manages market partner directory data and information. The product makes gathering, relating, resolving, consolidating and propagating data coherent and cost effective. The product strategy is to provide complete control over managing banking information.
Four steps to managing financial directory data
1. Gather
Directory imports data in a variety of formats from clearing houses, national banks, transports, banking services and data providers. This data is coordinated in a unique single source solution to a bank’s international directory handling.
Directory compares and highlights the differences between what you have chosen as your reference data and the latest versions of the directories. It also recognises conflicts in the data.
When differences are identified, specific data sets can be flagged to be automatically changed on a certain date. Changes can be rejected or made manually. The product maintains a full audit trail of when changes were made, and by whom.
2. Relate
Directory uses its knowledge and rule base to search across directories for correspondent institutions. It groups all related institutions together. The screens graphically display these as an Institution Cluster. The product calculates which institution from which directory has the most accurate information and displays that institution as the leader in the cluster.
Relationships between institutions and with your bank can be managed using the graphical interface, for example Citibank NA/Hang Seng Bank Ltd (the latter uses Citibank to route USD payments) accounts. One of the values of this type of manipulation is that it delivers safe options for routing messages
3. Resolve
Directory resolves critical information by displaying which institutions belong to which Service, for example SEPA. This has the clear benefit of being able to select the most cost effective Service for routing messages.
The solution also highlights the information that should be used when sending information across a specific service, such as National Identifiers or IBANs.
Bilateral and other membership agreements exist between institutions. The product allows complete control in defining, amending or deleting relationships and memberships to Services.
4. Distribute
Directory consolidates the managed data into a unified file format suitable for use by both operators and other software applications. The data is published to consumer processes in a variety of ways.
For new consumer applications, the product has a unified file format. This file format includes the structure of the data, for the most useful application and interpretation of the information.
Directory is also configured to replicate its database for direct access by other essential and critical applications and processes. This includes the capacity for general information enquiry in the Bank.
Lastly, the single set of robust data can be exported in formats expected by legacy systems, allowing their continued uninterrupted operation.
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