Central Securities Clearing System (CSCS) Plc 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.