November 20, 2019 / 11:02 AM / CSCS / Header Image Credit: @CSCSNigeria
Central Securities Clearing System (CSCS) Plc is has introduced to the Nigerian capital market Regconnect, a web-based application powered by CSCS to transform and improve the user experience of Registrars, by providing an easy to use platform to exchange information. The solution was formally launched today, November 19, 2019 at the company headquarters in Lagos.
In a bid to conform with global best practices, 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.
According to the Managing Director/Chief Executive Officer of CSCS Plc, Mr. Haruna JaloWaziri, "As part of our strategic pillars to automate and improve operational efficiency in the Nigerian capital market, the application will automate our 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".
In the same vein, the Chief Executive Officer, First Registrars and Investor Services Limited, who is also the President & Chairman of Council, Institute of Capital Market Registrars (ICMR) Mr. Bayo Olugbemi, said the introduction of the solution to the Nigerian capital market is 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 expressed his joy at this collaborative effort and appreciated the fact that the solution comes at no additional cost to the registrars and issuers.
Also speaking at the event, the Managing Director/Chief Executive Officer, Africa Prudential, Mr. Obong Idiong commended CSCS for collaborating with Registrars to develop the solution. He said that "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".
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.