Alan Lawman, Management Consultant, TCS BaNCS
That’s the problem when you have two years until a go-live deadline. You inevitably put it off, over and over, until you realize that you really need to do something.
With the SRD II go-live now only weeks, and not months away, hopefully you’ve stopped putting it off. As many of us have been assessing the Directive and its implications for a long time, it would be imperative to have a solution which would help you automate your processes, and ensure compliance with the Directive.
So are you ready?
There are many questions which need to be answered before you can say you are:
- What about your upstream relationships? How will you receive Shareholder Identification requests? In what format will these come to you?
- How will you reply to these?
- How will you forward these on?
The SRD II Directive doesn’t specify the format of messaging, just that it should be automated.
Your answers here could impact your planning in terms of operational needs, system changes and interface requests.
What the Directive is starting to do, is question the possibility of direct notification and communication flows from source to client. We have seen this direct interaction work for online company meetings during the COVID-19 lockdown. Is this the way forward for other asset servicing processes?
A market-ready solution that can quickly take on the new SWIFT 20022 requests, create responses to these based on the static held and forward them on, while also allowing for file uploads and manual request creation is certainly the need of the hour.
The SRD II Directive, including the Shareholder Identification process will be live from 3rd September 2020. Are you ready?
Disclaimer: Views or opinions represented in this blog is based on author’s own research and does not represent TCS BaNCS