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Confluence's new platform swings into action

Chris Hamblin, Editor, London, 30 January 2017

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Confluence, the investment data management automation giant, has found its first four clients for its Unity NXT regulatory reporting platform that manages end-to-end filing processes for the new and onerous regulatory reporting requirements imposed by the SEC investment company reporting modernisation rules.

The SEC announced its rules in their final form in October. Since then, the market has been casting about for ways to solve the data-intensive reporting problems imposed by Form N-PORT and Form N-CEN in preparation for the initial filing deadlines in 2018, the earliest being 1st June.

The Unity NXT Regulatory Reporting platform is powered by Synapse and Confluence introduced it in May of last year. The new forms require new data, new formatting and shorter reporting timeframes that present a monumental operating challenge to back offices. They will affect approximately 13,000 US mutual funds.

Synapse claims that its data integration and workflow automation is good at accommodating rule-changes. As timelines for meeting regulatory mandates continue to condense and the number of data sources continues to increase, the financial sector's greatest task is to keep up with the pace and scale of regulatory reporting. The new platform is billed as a single, validated regulatory data set that can be reused throughout an entire enterprise.

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