CSCS revamps data exchange platform for registrars

The Central Securities Clearing System Plc has announced the launch of its upgraded web-based application designed to enhance operational efficiency and user experience for registrars in the Nigerian capital market.

In a statement on Tuesday, CSCS, which serves as the Central Securities Depository for the Nigerian Capital Market, said that its flagship platform, RegConnect Version 2, is set to go live later this month.

RegConnect Version 1 was launched in 2019, and it provided an easy-to-use platform that improved the user experience of registrars when exchanging information. By enabling immediate validation of submitted data, it ensured accuracy and reduced processing times.

According to the statement, RegConnect Version 2 introduces several advanced features that redefine user experience and operational efficiency. The platform now includes omni-channel capability, allowing users to submit transactions through multiple channels such as file uploads, on-screen interfaces, and APIs.

The upgraded version also offers API integration, enabling the retrieval of investor portfolio balances, processing of transactions, and spooling of daily advice files. A monitoring dashboard has been added to provide an end-to-end view of data exchange processes, ensuring real-time tracking and improved operational efficiency.

On the updated platform, the Managing Director/Chief Executive Officer of CSCS, Haruna Jalo-Waziri, said, “The launch of RegConnect Version 2 represents our unwavering dedication to transforming the Nigerian capital market through technology-driven solutions. This new iteration of RegConnect aligns with global best practices and is a testament to our continuous investment in efficiency and stakeholder satisfaction.”

It was indicated that the upgraded platform was designed after an extensive review of CSCS’s operations and interactions with registrars, enabling RegConnect Version 2 to address critical industry challenges. Prior to RegConnect, registrars relied on a data exchange application with limited processing capabilities. The new platform not only bridges that gap but also introduces state-of-the-art features to ensure seamless and efficient data exchange.

Mr Jalo-Waziri added, “At CSCS, we understand the importance of operational excellence and innovation in fostering a vibrant capital market. RegConnect Version 2 is not just a product upgrade; it is a tool to enhance accuracy, reduce operational bottlenecks, and empower our stakeholders with better control and visibility over their processes.”