Financial services consultancy Capco has acquired the rights to ING's proprietary reference data technology and has inked a seven year deal to provide managed reference data services to the bank.
Capco says its reference data services division (CRDS) will integrate ING's security master file (SMF) technology with its existing platform.
As a result, CRDS will be able to offer a full range of traded and OTC asset classes - fixed income, global equities, derivatives, money markets, and OTC instruments - and data types such as counterparty, legal entity hierarchy, descriptive data, pricing and corporate actions.
Capco says it has also developed its CRDS Container system - which is based on ING's security master platform - to address the data distribution requirements for downstream applications by allowing users to subscribe to those securities that are of interest, their selected attributes and their preferred data source.
Predrag Dizdarevic, president, CRDS, says the decision to take over and build on top of ING's technology "is based on SMF's proven record as a centralised reference data solution, used across the whole ING group."
Commenting on the seven year deal with ING, Dizdarevic says: "ING realises, as do many of our other clients, that they no longer have to manage non-strategic processes and that they can outsource their enterprise-wide data management needs."