Mondas customers, who also subscribe to the GCA Validation Service, will now have the technical capability to use Radica CAPS to receive the GCA Validation feed.
DTCCâs GCA Validation Service provides a standardised source of accurate and timely corporate action announcement information, giving customers global coverage for securities traded in the Americas, Europe and Asia. The service is provided by Global Asset Solutions LLC, a wholly owned subsidiary of DTCC.
Jarlath McGee, CEO, Mondas PLC, commented, "Mondas is delighted to be part of this exciting initiative and welcomes the opportunity to work with the DTCC. This will further increase automation in corporate actions processing and is a great opportunity for our two organisations to bring even more flexibility and value to our customers.
Operational risk remains a key driver for automating corporate actions.
Mondas customers have already seen a huge reduction in their operational risk and have realised enormous benefits through their use of Radica CAPS.
This new alliance between Mondas and DTCC is another step forward, delivering further improvements in straight-through-processing through harmonisation of data standards."
Warren Eastman, Vice President, Relationship Management at DTCC added, "We welcome the effort by Mondas to help the industry access our validation service. This new mapping capability will provide easier access to DTCCâs GCA Validation Service and eliminate time-consuming, labour-intensive steps, helping customers lower risk and drive down costs."
Eastman pointed out that corporate actions are one of the last significant areas of risk associated with largely manual and non-standardised processing in the securities sector. "Automation of corporate actions is a significant priority for the financial services industry," added Eastman.
The new adaptors in Radica CAPS load key GCA Validation decision-making details directly into the application in whole. While Radica CAPS delivers the core mappings for the GCA Validation feed "off-the-shelf," clients are also provided with codeless configuration tools to meet any specific needs they may have.