KPAX, the automated platform which allows users to compare, match and reconcile financial data of any size or type, launched its cloud based offering, BlueBird, at Finovate Europe in London.
The platform, accessed from an online portal, the first of its kind, enables users to instantaneously and securely compare multiple file formats, including CSV, TXT, SQL and SWIFT, which can then be delivered directly to MS Excel. The cloud platform also incorporates deletion technology which clears data analysed once the user has signed out.
KPAX BlueBird provides the same core features of the platform’s hosted solution, allowing users to:
• Compare, match, reconcile unlimited data volumes in minutes
• Accurately identify defects, errors, anomalies between multiple sets of data
• Graphically compare analysis results through a dashboard
• Create an unlimited number of dictionaries to define data attributes and behaviours
• Run analysis on non-indexed data through the Big Data Indexation tool
The hosted version of KPAX is already implemented at a number large financial institutions including Rabobank, where the solution has helped the bank to reliably regression test the data of its FX & MM department in five days, a significant improvement from 27 days (81 man days). The hosted solution provides users with the capability to personalise their analytics for multiple purposes such as end-of-day and regulatory reporting.
“BlueBird is as our entry-level offering and allows users the opportunity to sign up for free and test out the diverse capabilities, accuracy and unparalleled performance speed of the KPAX platform,” said Jean-Luc Nicoue, Founder & CEO of KPAX. “We are extremely confident that financial institutions of any size will see the multiple analytical possibilities offered by the platform through BlueBird. We can then provide them with a tailored offering through a hosted solution based on their local servers and a flexible price based on their data analysis and volume needs.”
According to Aite Group, global reconciliation spending is expected to reach US$1.27 billion in 2017 and reconciliation clients have grown strongly in Europe as a result of increased regulation, particularly on the buy-side. In addition, the percentage of reconciliation technology clients using hosted solutions is expected to increase from 11% in 2013, to 30% by the end of 2015.