SCANit is used in many of the larger investment banks around the world to assist in the processing of treasury deal confirmations that are received by fax, or any other mechanism that requires manual identification of the deal data.
SCANit reading confirmations supplied by fax and generating the equivalent MTxxx message for processing in the confirmations matching system.
SCANit is not a generic data extraction tool that is parameterised to pick up date & amount fields from a template document layout.
SCANit is specifically designed to “understand” the requirements of each message type it is necessary to extract, including identification and validation rules that are specific to each MT. Specifically, SCANit can read:
- MT300 Foreign Exchange Confirmation (including FX Swap)
- MT305 Fixed Currency Option Confirmation
- MT306 Foreign Currency Option Confirmation
- MT320 Fixed Loan/Deposit Confirmation
- MT330 Call/Notice Loan/Deposit Confirmation
- MT340 FRA Confirmation
- MT341 FRA Settlement Confirmation
- MT362 IRS Reset Confirmation
- MT600 Precious Metals Trade Confirmation
SCANit is particularly suited to the extraction of complex transactions, like deal confirmations, because it uses innovative and powerful techniques for its data extraction. In particular it:
- Understands ISO standards for addresses, currencies, accounts, etc.
- Analyses each page regardless of format (especially useful when there are potentially thousands of document sources and formats)
- Understands relationships between field data to ensure the captured data makes sense (e.g. SCANit will check the interest amount in a MT320 transaction based on the Value Date, Maturity Date, Principle Amount and Currency).
- Enables and disables elements of the transaction based on other data in the transaction to ensure that all fields required to generate a full and valid transaction are captured.