CSCS revolutionises data exchange for registrars

Central Securities Clearing System (CSCS) Plc has introduced its RegConnect Version 2, which is set to go live on February 28, 2025.

RegConnect Version 2 is a cutting-edge upgrade to its flagship web-based application designed to enhance operational efficiency and user experience for Registrars in the Nigerian capital market.

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. Now, RegConnect Version 2 takes this innovation further, setting a new benchmark for efficiency and functionality.

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 seamless 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.

Haruna Jalo-Waziri, MD/CEO of CSCS Plc, emphasised the company’s commitment to driving innovation in the capital market. “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.”

Designed after an extensive review of CSCS’s operations and interactions with Registrars, RegConnect Version 2 addresses 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.

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.”