Hands up those that like to manually enter data into systems? Anyone? No, not us either – although sometimes it is necessary. At Hedgebook we try to make data capture as easy as possible without compromising on data integrity – which is why we have extended our data upload capability to bulk upload Interest Rate Swaps. Here’s how.
There are three main ways to populate Hedgebook with data:
1. Manually entering data into Hedgebook
It’s hard to get away from it but we make the user interface (UI) clean and easy to use. There are controls, or data validation rules, to minimise “fat fingers” e.g. settlement dates cannot be before trade dates, references must be supplied, etc. The rules are designed to prevent “GIGO” (garbage in, garbage out).
2. Using an API
At the other end of the spectrum, we have an API (application programming interface) which enables computers to exchange information from one to another. No humans in the way. We are asked a lot about APIs these days and it is often regarded as the “silver bullet” to ending data entry.
Unfortunately, this is more a hope than a reality.
Hedgebook’s API can be used to pull information out of Hedgebook regarding hedging deals, foreign currency exposures or valuations. Deal information can also be pushed to Hedgebook using the API. Internally, we use the Hedgebook API all the time for the efficient and effective running of the Hedgebook platform.
Externally, we regularly field enquiries about the API, but the reality is development effort is required at the client’s side to utilise it. Often when we sit down to explore a client’s requirements there are easier, more cost effective and quicker ways to achieve the desired outcome. Often it is the third way of integrating data that hits the sweet spot.
3. Bulk upload using a CSV file
A well-utilised integration point for Hedgebook is the ability to take information from a CSV file, or spreadsheet, and upload into Hedgebook. This can either be done by using one of Hedgebook’s templates, or simply copy/paste from the spreadsheet.
We are minimising user’s reliance on spreadsheets to manage their treasury function but there is no escaping the crucial bridge spreadsheets provide. For a long time, we have had the mechanism to bulk upload FX forwards and foreign currency cashflows.
We have now extended the bulk upload feature to interest rate swaps, mostly in response to our auditor community. Auditors are often required to validate the valuations of a portfolio of interest rate swaps as part of audit engagements. Hedgebook can now upload the swaps in bulk, reducing errors and saving time. Who doesn’t want that?
We continue to provide and enhance data integration services for Hedgebook’s treasury management solutions. If bulk uploading interest rate swaps is a pain point for you or your team, just put your hand up! Or learn more about how Hedgebook can help you manage Interest Rate Swaps in our easy to follow Tutorial.