Standard Chartered Bank (SCB) has selected GoldenSource Corporation to streamline corporate action notifications for its securities service clients. Commenting on the geographies for which the bank selected the solution, Gert Raeves, Senior Vice President of Strategic Business Development, GoldenSource says that 'initially the solution was selected to support the Asian custody and sub-custody business; with potential to roll out the technology across business lines in future.'

The following synopsis lists some of the quotes from GoldenSource spokespeople.

'Our product allows banks to run their business processes from a single trusted data record. Incomplete or conflicting data is received from multiple sources such as data vendors and in-house systems. This data is validated, compared and cross-referenced to end up with a golden copy, which meets the data quality criteria our customers need', says Raeves, and adds that 'the company's approach to golden copy creation and distribution covers all three mainstream shared datasets: financial instruments and products, customer and trading parties and business activity such as transactions and positions.

It covers the ends-to-end data quality process, starting from data acquisition and interfaces to quality assurance and exception management, all the way to publishing and distribution of the golden copy to business applications'.

Elaborating on key features of these products Raeves says, 'The security master allows banks to consolidate all financial instrument data such as terms and conditions, pricing and corporate actions while the customers and counterparty master allows a single view if the customers and consolidated counterparty risk as well as supporting customer on-boarding, KYC and AML projects.

The third product, positions and transactions master is focused on financial rules processing to create an aggregated and standardised of all transactions and positions across the bank's activities. This supports sub-ledger and general ledger integration, exposure management and risk reporting requirements.'