Mondas, the provider of corporate action processing automation software, has formed an alliance with FT Interactive Data, the vendor of corporate actions data.
The alliance was formed following the completion of a “proof of concept” interface between Radica CAPS, the corporate actions processing software developed by Mondas, and FT Interactive Data’s new ISO 15022 data feed. Mondas says this is the first phase of an iterative testing schedule for FT Interactive Data’s new ISO 15022 service which will deliver data in an industry standard format for onward processing by Radica CAPS.
Mondas and FT Interactive Data have worked closely on the project for the last six months.
“FT Interactive Data shares our commitment to common standards and they aim to be at the forefront in adopting standards within their data,” says Harvey Colborne, principal consultant at Mondas PLC,. “I see this as an enabler for increased automation in the area of corporate actions processing and a great opportunity for two leading vendors to work together to deliver even greater benefits to the industry. Operational risk is a key driver for automating corporate actions processing, with many recent reports highlighting those risks and some estimating the cost of getting it wrong at billions per year globally. CA automation has already been proven to deliver tangible benefits and will mitigate a great many of those risks. With greater harmonisation in data standards, there will be enormous improvements in straight-through-processing and communication across all parties in the CA processing chain, reducing operational risk even further. With more practitioners implementing CA automation, common standards will move further up the agenda across the industry and harmonisation will gather its own momentum. Mondas and its clients are already playing their part and this new alliance between Mondas and FT Interactive Data is another step forward.”