EGON for AnaCredit is the innovative service dedicated to credit institutions that must notify the European Central Bank (ECB) of the information requested by the recent directive on granular data collection on credit and credit risk (ECB/2016/13). With Egon it is possible to verify data and translate it into the format supplied by AnaCredit in a simple fast and precise manner. Find out more!
The credit institutes and the banks registered with the ECB must supply personal data concerning loans to companies (and other legal bodies). The new information will supply a European archive on credits and credit risks which will be managed by the ECB and used to satisfy the informational needs of the European System of the Central Banks concerning monetary policy and micro-prudential vigilance.
EGON’S FUNCTIONS FOR MANAGING ANACREDIT’S DATA
EGON offers specific tools to support banks that must communicate this information to the ECB in a unique and coded manner according to the established European standards. Thanks to EGON, through its web services (REST or SOAP), in Cloud or on-line (both departmentally and Mainframe), specifically EGON for AnaCredit is able to manage and standardize the following information:
1) NUTS encoded Addresses
The address must be supplied according to a defined structure. EGON allows the validation and attribution of NUTS 3 code to any European address.
2) National Identifier
The National Identifier is a national identification code that uniquely identifies a physical or legal subject. Its composition is different for each country.
EGON allows the validation of all the national identifiers by applying the logics and algorithms that are specific to each country.
3) Legal Form
Each legal form is classified according to a unique European level code in accordance with ECB regulations. EGON allows the recognition of the Legal Form of the Business Name and is able to attribute the relative European code.
4) LEI (Legal Entities Identifier)
The LEI code is a unique global identifier assigned to subjects that operate in financial markets.
EGON allows the recovery of the LEI code when faced with a Business Name, even when it is written differently from that identified in the archives available from the GLEIF.
5) Classification of economic activities
Notification of information concerning the classification of economic activities must occur according to the NACE rev.2 standard. EGON is able to manage the classification of each country, transcoding them into the NACE classification.
EGON validates, corrects and reorganizes the data of interest for each of the 28 member states of the European Union. The continual updating of the database and the quality of the technology used guarantee results that match the expectations from every point of view. Today, EGON is confirmed as the ideal total package for massive or real time operations related to AnaCredit regulations.