AdmitOne, the leading innovator of identity assurance and analytics solutions, today announced its participation in the Anti-Piracy Working Group of the Financial Information Services Division (FISD) of the Software & Information Industry Association (SIIA).
AdmitOne's research and innovative strategies in dealing with the growing problem of data piracy and revenue loss due to shared IDs will benefit FISD, which develops best practices for the financial information industry. Through collaboration with financial services industry leaders, AdmitOne will deliver customized solutions for the financial market that alerts unlicensed use to assure revenue. Piracy is the unauthorized distribution, collection, usage, or receipt of proprietary financial information.
"Piracy is a major and on-going issue for the financial information services industry," said Tom Davin, managing director of FISD. "Our Anti-Piracy Working Group is the leading industry forum where members can exchange ideas, build relationships and develop revenue assurance strategies."
At the forefront of the industry, FISD is helping define new technologies and techniques to uncover the root causes of revenue leakage and identify the best practices that can help online services achieve long-term sustainability. Through its work with the FISD, AdmitOne is extending its deep experience in the real estate industry to help financial information services better monitor usage data to combat piracy and create revenue assurance.
"Piracy is a costly industry problem that can no longer be ignored," said Matthew Shanahan, senior vice president of strategy at AdmitOne. "Analysis of multiple financial information companies revealed that account sharing, one form of piracy, represents a significant revenue leakage from a data supplier's top line. Capturing, authenticating and leveraging usage data is a critical first step in remediating online service revenue leaks. As we develop solutions to stop this loss of revenue, AdmitOne is collaborating closely with the industry's foremost experts to deliver tools that protect intellectual capital and restrict the use of pirated data."
According to the industry's leading research firm, Burton-Taylor International Consulting LLC, global spending on financial information totals $23B annually.
"Market data vendors tell us that revenue loss due to the sharing of IDs and logins is at least 15 percent and could actually run 40 percent or higher," says Douglas B Taylor, managing partner of Burton-Taylor. "The current economic environment, coupled with the possibility of capturing $3 billion to $8 billion in lost revenue, is leading large and small market data firms to embrace new and innovative 'revenue assurance controls' like those perfected by AdmitOne."