The Price Verification Server was implemented to support the bank’s Price Zone Life Cycle as follows:
- Price Requesting
An inventory of price requests is built each day from the pooled requirements of the price consumers in the bank. Duplicated requests are eliminated, maximising efficiency and cost benefits - Collection
The required data is collected from multiple sources via APIs, JMS/SOAP, file delivery or manual entry - Validation
Each item is checked to ensure that it conforms to expected the data type or format - Verification
PVS Business Rules are applied to the prices for each instrument to establish the best price, with exceptions raised where prices lie outside expected ranges - Repair
PVS Exception Resolution creates a workflow instance in real-time. Alerts are raised and issues resolved by a methodical pre-defined methods - Distribution across the bank’s global network