Regulatory technology provider TRAction announced a partnership with enterprise data automation AI platform Duco to provide a complete control solution for transaction reporting to assist its customers in the reconciliation process。

Customers of EMIR and MiFIR Premium and Assured programs will receive reconciliations as part of their services as part of TRAction's latest offering beginning in 2024.。This will involve a three-way reconciliation to compare the transaction data reported by the customer (according to EMIR or MiFIR), i.e. the data submitted to the transaction repository (TR) is compared with the data actually held in the transaction repository, and finally with the data held by the customer。

By using third-party software in this process, customers can be confident that there is a difference between TRAction as a trusted reporting provider and the reconciliation process。This will be done through Duco's professional data automation platform。

With its European headquarters in London, TRAction specialises in regulatory reporting, supporting financial firms, brokers, investment managers, banks and electricity providers to meet their growing daily reporting obligations.。TRAction enables customers to report based on EMIR, MiFID II / MiFIR, SFTR, ASIC, MAS, Canada and Best Execution (MiFID II and MAS) as well as upcoming new EMIR Refit requirements and ASIC and MAS Rewrite requirements。

Traction Co-CEO Quinn Perrott said: "This partnership enhances our data solution to better streamline transaction reporting and streaming for our customers, and the partnership with Duco will give our customers confidence in the difference between Traction as a reporting provider and the reconciliation process.。

James Maxfield, Chief Product Officer, Duco, said: "Duco wants to leverage our expertise and technology to enhance TRAction's data reconciliation process.。Our platform is designed to help finance and operations teams automate critical data processes using artificial intelligence and a true self-service model。It will enable TRAction customers to manage the cost and complexity of important regulatory reporting controls such as EMIR Refit。