The Client 

A renowned investment bank based out of Europe; was facing operational challenges in using a dated and old platform with limited capabilities to manage corporate actions. Painful areas were around the management of free text and narratives by custodians, lack of robust audit information, complex processes to manage announcements and creation of Golden event and intuitive parametrization leading to extended efforts to define rules and case parameters.

Magic FinServ’s Solution

We engaged in a consultative assignment with its product partner and aptly implemented the Corporate Action Data Management (provided by its development partner), providing following benefits apart from the reduced operational cost –

• High STP platform with lesser manual inputs.
• Exception based processing, with UI-based exception management facilities to display data conflicts among two or more sources for the same corporate action.
• A rule-based platform where end-user GUI for defining corporate action specific rules (source trust weight, confirmation thresholds, validation checks to be applied).
• Support for multiple feed formats.
• Corporate Action data model aligned to SWIFT standards.
• Availability of multiple dashboards to monitor various processing.
• Functionality for Automated free text checking so that key information cannot be missed.
• Complete plausibility ensures that all event data is complete before further processing
• Better data quality through out-of-the-box validation checks.
• Flexibility to manually capture event data.
• Reduction of manual checklists.
• Streamlined work on tasks for improved efficiency and scalability
• Reduction of risk due to upfront checking of events before they impact business processes downstream.
• No coding skills required for tweaking parametrization.
• Management of Trust weights as per business requirements.