The Nigeria Central Securities Clearing System (CSCS) Plc has introduced Regconnect, an easy-to-use information exchange web application to enhance the relationship between company registrars and clearinghouse and improve capital market efficiency.
According to The Nation, the Managing Director, CSCS Plc, Mr Haruna Jalo-Waziri disclosed that the new application was to strategically automate and improve operational efficiency in the Nigerian capital market. The application was developed having reviewed CSCS’ operations and methods of interaction with registrars.
Regconnect, according to Mr Jalo-Waziri, will allow registrars process data, unlike the previous solution that only connects with CSCS through a data exchange application and doesn’t process data. The application will aid daily processes concerning the maintenance of registers, with immediate validation of all data being submitted to ensure the accuracy of records, in less time.
However, Regconnect provides greater efficiency for the capital market; 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.
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Meanwhile, according to the Chief Executive Officer, First Registrars and Investor Services Limited and President, Institute of Capital Market Registrars (ICMR), Mr. Bayo Olugbemi, the introduction of Regconnect 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.
Mr Olugbemi disclosed that Regconnect would give registrars total control by offering an entity-based operational structure where each entity manages its access rights and operations, in addition to the ability to validate data right from their offices. He praised the collaborative effort, noting the fact that the solution comes at no additional cost to the registrars and issuers.
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.