The Central Securities Clearing System (CSCS) Plc has introduced a new web-based application that will enhance the interface between the clearing house and companies’ registrars.
The new solution, known as Regconnect, provides easier-to-use platform for exchange of information. The application was developed having reviewed CSCS’ operations and methods of interaction with registrars. Prior to the solution, registrars could only connect with CSCS through a data exchange application that did not have the ability to process the data being submitted.
However, Regconnect provides an efficiency lever for the capital market, as the application facilitates day to day processes regarding the maintenance of registers, with immediate validation of all data being submitted to ensure the accuracy of records, and in less time.
Managing Director, Central Securities Clearing System (CSCS) Plc, Mr. Haruna Jalo-Waziri said the new application was part of the strategic pillars to automate and improve operational efficiency in the Nigerian capital market.
He noted that the application would automate interactions and improve CSCS’ connection with the registrars’ community.
“Usage of the Regconnect platform comes at no cost to all registrars. It is an advanced replacement for the data exchange platform currently in use. It allows seamless integration with Registrar’s live data by offering end-to-end and system-to-system data exchange between CSCS and registrars,” Jalo-Waziri said.
Chief Executive Officer, First Registrars and Investor Services Limited and President, Institute of Capital Market Registrars (ICMR), Mr. Bayo Olugbemi, said the introduction of the solution to the Nigerian capital market was a welcome development as the solution will reduce processing time, enable swift communication between registrars and CSCS, as well as enhance seamless data transmission.
According to him, Regconnect will give registrars total control over their use of the solution by offering an entity-based operational structure where each entity manages their access rights and operations, in addition to the ability to validate data right from their offices.
He commended this collaborative effort, noting the fact that the solution comes at no additional cost to the registrars and issuers.
Managing Director, Africa Prudential, Mr. Obong Idiong praised CSCS for collaborating with registrars to develop the solution.
“We are in the digital era, therefore, it is good to see that there has been an upgrade on the data exchange solution which was in use before now,” Idiong said.
The data exchange application and Regconnect solution are being run on a parallel deployment until December 2019, when total switch over to Regconnect will occur.
