As financial services firms manage through the rapid consolidation and changing market dynamics, reference data management remains a critical challenge faced by the entire organization.
Today, numerous data silos reside across the organization requiring that teams of people process unstructured data arriving in near-real-time from numerous internal and external sources, apply business rules to structure it in a meaningful way, and then distribute the data throughout the business. This is a time consuming, and high-risk effort.
Traditionally, reference data management solutions have focused primarily on reconciling and integrating multiple inbound data feeds and data sets to produce a “golden copy.” However, the Ness Financial Data Enterprise™ platform addresses the problem of reference data management throughout the entire data life cycle -- from inception to distribution.
In automating the acquisition and management of the entire reference data workflow, the Ness Financial Data Enterprise platform:
- Streamlines operations
- Reduces the costs associated with manual, error-prone processes
- Minimizes the likelihood of failed trades.
Ness Financial Data Enterprise In Depth
As the chosen technology business partner to a wide range of financial services firms, Ness simplifies connectivity between heterogeneous data sources. Ness Financial Data Enterprise is a meta-data driven, high-performance software solution built on an open, scalable, service oriented architecture (SOA).
With Ness Financial Data Enterprise 5.0, financial service firms:
- Streamline reference data operations, leveraging existing enterprise infrastructure
- Manage risk and reporting needs to comply with Basel II and upcoming European Union MiFID directive
- Manage and maintain accurate and timely reference data in a single data repository
- Provide flexible, on-demand, and customized data slices to various stakeholders across the business
- Improve efficiency and productivity of operations groups by delivering highly personalized reference data feeds
- Dynamically resolve and cross reference multiple industry-standard and market identifiers for a given security
- Manage specific customer data requirements based on their entitlements and preferences
Ness Financial Data Enterprise allows financial institutions to take complete control of their enterprise data by automating end-to-end acquisition, management and distribution of reference data. The labor intensive processes associated with loading, mapping and checking market feeds are reduced, and resources currently responsible for these tasks can be redeployed to focus on other, high value business initiatives.
Transformation & Enrichment Hub
Leveraging an intelligent and dynamic metadata layer Ness Financial Data Enterprise acts as a transformation and enrichment hub that consolidates all disparate data sources and delivers data to end users, systems, and value-chain participants.
Ness Financial Data Enterprise processes each data source independently as it is loaded. This means validating each of the source's raw files, transforming the data, and mapping it to a source-specific data model. As a result, an audit trail is created, enabling each data source to be examined independently of other sources.
Ness Financial Data Enterprise ensures that the data driving Straight-Through Processing (STP), performance attributions, risk analysis, pricing, research, fund accounting and customer servicing and other mission-critical applications is clean, complete and consistent.
Technology platform
Ness Financial Data Enterprise provides support for the full data lifecycle, including data acquisition, scrubbing, normalization, validation, enrichment, transformation, and distribution. Key elements of Ness Financial Data Enterprise include:
- A comprehensive data model covering all critical enterprise data including: Instruments and Entities, Pricing and Terms and Conditions, Counter-party and Client Data, Transactional Data (Products, Fund Accounting and Transfer Agency)
- Modular architecture providing support for plug-and-play interfaces covering Reference and Security Master, Pricing, Fund Accounting and Transactional Data, Risk Data, Workflow & Process Monitoring among others
- Re-configured handlers to leading data vendors such as Standard & Poor’s, Reuters, Bloomberg, Interactive Data, Telekurs, and others speeds up integration, reduces project risk and implementation timeframes
- Rules based cross-vendor arbitration and golden copy generation driving real-time, event-driven distribution and publishing of data to downstream stakeholders
- Extract and Distribute “On-Demand” data sets or reports leveraging preferences and entitlements
- Data filter capability based on user input – e.g. issuer/issue type, market, region, fund number, geography, country, language
- Granular client data entitlements at entity, instrument, and attribute level
- Exception Management & Workflow allowing users to monitor & resolve exceptions during the data lifecycle
- Dynamically resolve and Cross-referencing capabilities for multiple International Industry Standard Identifiers for any security
- Outbound distribution engine supporting mapping of reference data to any internal or external formats or API’s. Supports multiple outbound modes – on demand, event-driven, batch and real-time capabilities, as well as bulk and delta updates
Rapid Deployment
Ness Financial Data Enterprise is delivered either as an on-premise solution, or in a hosted model. It is available for license or as Software as a Service.
Ness professionals have successfully implemented Ness Financial Data Enterprise for numerous top financial services firms and are available to aid in the strategic reference data design, platform configuration, and deployment of a truly integrated reference data initiative.
Contact Ness for more information or to schedule a demonstration of Ness Financial Data Enterprise.