Infoshare Ltd, a leading provider of Data Diagnostic solutions, and Brewin Consulting Limited, the Financial Services consultancy, have agreed to market and implement a Single Client View solution across financial services combining technology and services that address the key element of Know Your Client (KYC), Basel II and Anti Money Laundering functionality.
"Having a single, consistent view of clients is an important requirement for a financial institution, our solution is simple, to implement whilst coping with a wide mix of operational systems and processes covering different product sets and geographies. We looked at a wide range of possible technologies to address this issue, and selected Infoshare due to its advanced functionality and rapid implementation cycle." said John Cant, Brewin Consulting Director. "Our clients are looking for pragmatic solutions that can be phased to provide concrete business benefit within a short timescale. Infoshare’s data diagnostic application is ideal to enable this type of solution.”
"Convergence is taking place at the data layer rather than the hardware layer. The implication for financial services is clear. Data must be separated from IT and data problems diagnosed and fixed offline in a separate data layer prior to being fed back into IT delivery systems. Data first. Hardware second. The alternative is constantly increasing costs and IT underperformance driven by ever changing regulation,” said Adrian McKoen, Managing Director, Infoshare Ltd.
Infoshare’s software is already proven in Financial Services. For example, Barclays selected Infoshare to implement a single view of customers across multiple systems and departments as part of their programme to address Basel/FSA requirements. The Brewin – Infoshare partnership allows clients to deploy the same proven technology, whilst also leveraging Brewin’s extensive knowledge of Financial Sector and specifically reference data.
In addition to Single Client View solutions, Infoshare and Brewin are jointly developing further products to resolve wider reference data issues found in many major financial institutions as banks work to comply with the latest regulations governing for example, money laundering and risk management whilst increasing their trading efficiency.