London, May 9th, 2006, Financial markets software specialist, Mondas PLC and Exchange Data International (EDI), a leading provider of high-quality, accurate international securities data announced today that EDI has been added to Mondas PLC’s list of proven ISO 15022 data feeds for its flagship Radica CAPS Corporate Action software solution. Financial firms will benefit from reduced data handling costs and improved accuracy. They will also save time and further cost because there will no longer be the need to develop a separate connection for each data feed.
Managing and validating corporate actions data is a significant challenge for financial institutions simply because there is so much data and a great deal of it is paper based, which makes it error-prone. Financial institutions and technology vendors have worked closely together to develop solutions to automate the flow and improve the accuracy of corporate actions data.
Product experts from Mondas and EDI are committed to carrying out a rigorous testing programme for the ISO 15022 Corporate Action and Income event types. ISO 15022 is becoming the de-facto standard for communicating corporate action event details to arrest the growth of otherwise traditionally manual and volume sensitive procedures.
The relationship between Mondas and EDI takes this collaboration to the next level. Now, clients working with both companies will be able to receive corporate actions data feeds from EDI directly through Mondas’ Radica CAPS. The interface will allow Mondas clients to automate the capture of global corporate actions through the Radica CAPS software platform.
“Leading data vendors are keen to map their data feeds to the ISO 15022 standard and increase automation in the corporate actions arena.” said Jarlath McGee, Chief Executive Officer of Mondas. “Clearly, our relationship with EDI will further enhance the capability of Radica CAPS and allow our users to further benefit from risk and cost reduction.”
“Our collaboration with Mondas illustrates the quality of our partnerships and the industry standard levels reached by our data suites,” said Jonathan Bloch, Managing Director of EDI. “We are confident that clients of Mondas’ Radica CAPS will benefit from an improved comprehensive view of corporate actions data, increased efficiency and reduced risk for their corporate actions processing. We already have several clients using EDI data through the Mondas system.”