The advantage of adopting Acord message standards is the potential to develop STP (straight through processing) with business partners from around the world. STP reduces the amount of manual checking and reconciliation that is required and will eliminate the need for rekeying and the errors that this brings. But is now the time to upgrade? We think it is.
Whilst the final requirements are still unknown, it is expected that Solvency II will require a more detailed view of an organisation’s data with previously aggregated information being demanded at a more granular level. New data items not previously captured are likely to be required and the reporting of data is expected to have shorter timescales and increased frequency.