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How data validation helps to stay current on industry regulations

How data validation helps to stay current on industry regulations

June 28, 2020

dva

 

Just in 2019, :hiperstream’s DVA (Data Validation Automation) validated 10 billion data with its proposal of a marketplace for custom rules designed to address specific regulatory challenges, thus adapting to different countries, sectors, and business verticals.

Data validation is an effective process to identify and correct errors that impact performance in numerous businesses, and also to guarantee operating in compliance with the regulations of financial and judicial authorities, and other regulatory bodies from a variety of industries or countries. That’s why :hiperstream's DVA (Data Validation Automation) was designed to efficiently validate large volumes of information.

The software is based on a rules marketplace with more than 60 plug and play rules - from banking to insurance - that were already tested and are ready to be deployed for new clients.

DVA rules marketplace: real cases

Taking Brazil as an example, these rules were set to meet regulatory measures and to reduce the risk of inaccurate data leading to errors or financial loss:

1- Tax over credit operations temporarily reduced to zero

Due to the COVID-19 outbreak, the national tax authority temporarily reduced the financial tribute over credit operations from 3% per year to zero, including for loans and leasing. This validation rule was quickly, seamlessly added to DVA - and likewise removed, since it's a temporary measure.

2- Currency conversion rate on the day of the purchase

This is one of the regulations from the Central Bank of Brazil addressed with custom DVA rules. The software has responded to credit card issuers to help them adequate to a series of new items that had to be included - and validated - whenever a cardholder makes any purchase abroad. Now, the credit card statement also enlists: transaction date; currency and transaction value in that currency; equivalent value in USD; conversion rate from USD to BRL on the day of purchase; and finally the value to be paid in BRL, including taxes.

3- Court ordered blocked account

Whenever a court decision requests to block assets and financial transactions, banks operating in Brazil are co-responsible for ensuring its execution. However, there are cases in which customers are improperly blocked or the court determination is not carried out - without accurate data validation, both situations can lead to financial penalties as well as damage to the reputation of the banking institution.

Charges, fees, fines, and late payments

Finally, it is important to mention that DVA helps validating different types of data related to the aforementioned charges, respecting the specific needs of each sector. Currently, sets of rules that were first designed for financial services, insurance, telecommunications and retail include rules that are common to several industries as well.

These are real, op and running examples, and as :hiperstream’s expertise grows within each sector, the same goes for our rules. Besides that, users can adapt the rules themselves using Boolean Logical Operators - or reach out to our team in more complex cases. Contact us to discover DVA.

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