SteelEye Launches Automated Three-Way Reconciliation Solution for MiFIR Reporting

SteelEye, the UK-based compliance technology and data analytics firm, announced that it has  launched an automated Three-Way Reconciliation solution to deal with MiFIR transaction reporting issues.

SteelEye’s Three-Way Reconciliation solution enables firms to meet their reconciliation requirements, validate their MiFIR reporting data and easily address errors, making sure that reporting has been done completely and accurately.

“MiFID II has presented firms with an array of challenges, and many have struggled to meet their reconciliation requirements. This has a detrimental downstream impact on the regulators’ ability to monitor the market for systemic risks. Given our mission to help establish and maintain trust in the financial markets by making it easy for firms to accurately comply with regulations – this was something we were keen to address,”Matt Smith, Chief Executive Officer at SteelEye said.

“Our three-way reconciliation solution has been designed to eliminate manual error by automating the process of validating regulatory transaction reports. We believe this will go a long way in addressing reporting errors while also enabling firms to free up time and resource. In line with our other products, the Three-Way Reconciliation solution provides firms with a 'single source of truth' of data,”Matt Storey, Chief Product Officer at SteelEye added.

Earlier this year, SteelEye announced that it will bolster its footprint by expanding into North America​, using the $17 million raised in 2020 to support the company's growth.