Automating your data feeds to the ICC Trade Register
The ICC Trade Register has become indispensable for global banking and policy makers. The information is vital to closely monitor and manage risk in the sector because the scale and speed of regulatory change is unprecedented. How can technology help trade banks further contribute to this unique collaborative effort?
Automating the capture of transaction details from internal booking systems remains a challenge for most of the ICC Trade Register banks. This task is critical as it is the one producing the various trade statistics required to feed the ICC Trade Register. Two obstacles exist: (1) the data collection and aggregation is operationally labour intensive when done manually given the volume of information and number of booking systems, and (2) it is technically complex to manually access the data as some systems rely on proprietary technologies making it hard to produce customised reports and download the needed information. As a consequence, most of this data collection process is performed manually today.
Technology can help through automation thereby avoiding the typical error prone situations introduced with manual handling of huge data sets within spreadsheets. Here is how:
Accessing transaction data and making it actionable for further processing such as aggregated reporting and analysis can be achieved smoothly using the Intix data management technology.
Making transaction data accessible
Acting as a dedicated data management software solution, Intix makes transaction data accessible and actionable. Whether transaction data needs to be pulled from a single system or from multiple ones, Intix makes it accessible for functions such as searching, reporting, tracking, measuring, monitoring and alerting. Such tasks are highly configurable and can be executed on a manual or automated basis.
The Intix technology is installed on premise as a dedicated technology solution working alongside transaction processing systems as depicted below:
Automating data consolidation and report generation
As granular transaction data becomes accessible via the Intix data management solution, the next task is to aggregate and consolidate the transaction details, and, then to generate the report in the appropriate output format. This can also be automated through Intix and the output file can be created in standard formats such as Excel, CSV and PDF. By doing so, banks involved in the ICC Trade Register project can implement an automated information feed to the ICC. This can be instrumental once such data collection process moves from an annual cycle to a more frequent one (e.g., quarterly or monthly).