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SmartStream Technologies has extended its Reference Data Utility (RDU) service for the Securities Financing Transactions Regulation (SFTR) to include an application programming interface (API).
The RDU operates as a processing agent for sourcing, validating, and cross-referencing data sources for financial institutions to improve the efficiency of regulatory reporting, trade processing, and risk management operations.
The API aims to allow companies quick access to the technology and data required in order to manage reference data challenges under SFTR before the deadline of 13 July, by reducing both implementation time and onboarding processes of sourcing and validating reference data.
SmartStream says the RDU SFTR service is expected to be running within firms after 24 hours, either integrating as a value-added service to existing SFTR solutions or providing the basis for a compliance structure.
Linda Coffman, executive vice president of SmartStream RDU, comments: “Despite having an additional three-month window to prepare, we have found that many firms need extra help to get them across the finish line.
"We understand the pressures of meeting regulatory obligations, and we are providing easily accessible technology which focuses on key SFTR reference data attributes.”
She continued: “Clients who have implemented the RDU SFTR solution are confident in the strength and accuracy of the data returned, and can be confident that it aligns with regulatory requirements. In addition, they appreciate the subject matter expertise we provide in monitoring the regulation and delivering insights into data trends.”
