Banks work with different data formats. Despite some steps towards unification, we are still far from an industry-wide standard.
The QPLIX Wealth Management Software consolidates all liquid and illiquid asset classes, including all data on securities transactions. Clients typically deal with multiple banks, each with its own data format. This heterogeneity leads to a high degree of complexity. Put simply, until now a dedicated software interface had to be programmed and maintained for each bank’s data connection to QPLIX.
How can the construction of data interfaces be scaled?
A key element is a high level of standardisation. To this end, QPLIX introduced its own uniform transaction format: Q-JSON, the in-house variant of the data exchange format JSON (JavaScript Object Notation). This streamlined format is easy to read and write for both humans and machines. JSON is something like the lingua franca in the world of databases.
No matter which format the bank supplies, the data is always first transferred to the Q-JSON format before being fed into the QPLIX system. The uniform processing of all common asset classes such as shares, bonds, and derivatives ensures a high processing quality. Another feature of the Q-JSON format is the high degree of individuality in the processing of cash transactions. Individual account transactions can be assigned to settlement and tax accounts with the QPLIX-Q software so that even complex tax postings can be mapped. If the customer wants to reconcile the transactions with the PDF document after automatic processing, the settlement documents can also be imported automatically and linked to the transactions.
Fin-Tech at its best
Let’s take a look on how to unify the different bank data: Basically, it is a translation of the bank language into Q-JSON. The translation is done by a small piece of software, a so-called script. The structure and programming language of such scripts are so simple that they can even be created by employees with a business background. In this way, the financial experts work directly on the technology. That’s the spirit of fintechat QPLIX.
