Lloyd’s is offering a plug and play piece of software to market firms free of charge to check data and support electronic business in the market.

The Schematron initiative, which will be available at the end of the month, will save market firms or their suppliers the cost of writing their own software to validate data, and make it easier for market firms to exchange data electronically, says Lloyd’s.

The system acts as an information gatekeeper unless all the right data is included messages will not get through. This will ensure that the data reaches businesses systems in the right format.

Lloyd’s claims the system will also make it easier for organisations entering into trading relationships with London Market firms for the first time to incorporate trading level specifications for validation of ACORD messages into their own systems.

Roy Laker, assistant vice president of international standards body ACORD, added: “The Lloyd's Schematron initiative complements perfectly ACORD's work on standards and will simplify implementation within the London Market considerably.

“The scheme also fits in with third-party trading platforms such as Ri3k and the G6 group, which comprises Hiscox, Amlin, Beazley, Wellington, Kiln and Catlin.”