Towards advanced reference data management at transaction banks: Creating a centralised view

Carlo R. W. De Meijer, Susan Hall and Sofia Simeonidou
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Carlo R. W. De Meijer: Owner, De Meijer Financial Services Advisory

Journal of Payments Strategy & Systems, 2015, vol. 9, issue 1, 47-58

Abstract: The role of reference data and its management is gaining greater significance within transaction banks. Transaction banking is under growing pressure to improve reference data management processes and to manage (operational) risk more effectively. Triggered by regulators requiring greater transparency and accountability, increased trading volumes, and customers demanding greater efficiency and accuracy, banks are now increasingly looking to upgrade their existing reference data systems. Some have already initiated major projects to centralise various reference databases or are thinking of outsourcing, for instance by going into the cloud. This paper investigates how banks nowadays use and manage reference data. It tackles issues such as the importance of good reference data management and the various business drivers. But it also addresses the constraints that prevent banks from delivering accurate information in a timely manner. The main questions this paper explores are: What should the future reference management system look like? What are the challenges to overcome and the benefits to be realised?

Keywords: reference data; on-boarding; know your customer; FATCA; golden source; Legal Entity Identifier; service-level agreement (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2015
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