Faced with high regulatory scrutiny of its Fund Accounting service in Luxembourg and the need to support an impressive growth in business, this European Top 20 Global Private Bank has chosen GAIN Corporate Actions to respond rapidly to regulatory pressure and to start building a central data management platform with the GAIN Data Management Suite. It managed to automate the announcement capture for 80% of total events, reducing operational risks in processing corporate actions.
To manage the increasing volumes and complexity of corporate actions, the global private bank needed to automate the validation of corporate actions announcement data. The client required a central and integrated solution that could achieve the highest degree of automation in processing and validating corporate actions announcements from custodians, with limited manual intervention in order to reduce operational risk and support straight-through-processing (STP). The custodian needed a solution that would enable it to maximize STP and improve operational efficiency as quickly as possible, as well as improve data transparency and control.
AIM Software was selected ahead of other corporate actions systems, due to the provider’s strong capabilities around the management of numerous data workflows, especially the validation of corporate actions announcements between two or more data sources, including ISO 15022, and proprietary data feed formats. This global private bank also appreciated the ability to create high-quality golden copy records that are fully compatible with the core banking system’s workflow templates, enabling end-to-end automation with the solution.
GAIN Corporate Actions acts as an extension to the existing core banking system. The corporate actions are gathered, channeled, analyzed and prioritized in real time with minimum manual intervention; this ensures that the most critical corporate actions data is processed first. Increased levels of automation has resulted in increased operational efficiency and improved data quality, while at the same time dramatically reducing operational risk and improving data governance. In addition, the deadline-oriented workflows help the corporate actions team to prioritize those complex events that cannot be automated, and focus on the most time-critical events first.