SunGard has announced a new reference data service bureau and signed Banc of America Securities as a charter member of the unit's advisory panel.
Slated to begin operation in the first quarter of 2005, the referencePoint Managed Data Service (rMDS) will aim to offer financial institutions a fully managed, outsourced solution for the loading, cleansing, formatting, enrichment, storage, management and distribution of data to a variety of downstream systems, says the vendor.
It is the first major initiative from SunGard since the formation in June of a new Data Management Solutions business unit, headed by Dale Richards, formerly chief executive officer of reference data business, Fame Information Services, which the vendor acquired in January.
SunGard says rMDS will be supported by an expert help desk and advisory panel comprised of key customers, including Banc of America Securities.
Steve Santini, managing director, global equities technology for Banc of America Securities, comments: "Banc of America Securities has a strong history of leadership in supporting and participating in industry initiatives of this nature, and with the data management industry evolving quickly, we are keen to play a role in directing the priorities to meet the strategic needs of the bank and the industry."
Roseann Palmieri, managing director, data management for Banc of America Securities, adds: "Data management is central infrastructure to many of our business initiatives, and this is a valuable opportunity to guide the creation of a powerful service that will meet both the tactical and strategic requirements of the bank."