3i Infotech, a global provider of IT solutions, today announces that wealth management specialist Generali International has successfully implemented 'Data Exchange', enabling it to move from its incumbent supplier to a new provider of financial data.
'Data Exchange' is a new application that provides financial institutions with a generic mechanism by which data can be imported, translated where necessary and distributed in a controlled yet configurable way.
Generali International is using 'Data Exchange' for market data, more specifically to automate the process of requesting financial data, including prices, exchange rates, dividends and additional securities information from its new financial data provider. The application then feeds that information in the appropriate format into Generali International's back office system, rhymeSIGHT. 'Data Exchange' also accepts corporate event data from the same provider which is sent to multiple platforms for broader use within the Generali International business.
As a standalone system 'Data Exchange' is able to manage data from any market data vendor, and is compatible with all market-leading back office systems. In fact, 'Data Exchange' can be used for any data transfer purpose.
Mark Lainé, Head of Information Systems, Generali International, said, "We are always looking for ways to increase the efficiency and flexibility of our operation. 'Data Exchange' has allowed us to make a smooth transition to our new financial data provider and Generali International is now benefitting from greater pricing coverage and significant cost savings, further enhancing our operational efficiency."
Piers Farbrother, Product Director, 3i Infotech - Western Europe, commented, "Our new application 'Data Exchange' removes the restriction that many institutions face of being tied to one market data vendor and crucially, allows them to dictate where they source their data. 'Data Exchange' will assist the market in its drive for more accurate and price competitive data.
"As a business we work closely with our customers to deliver innovative solutions that meet their operational needs. 'Dataa Exchange', is a prime example of such a development and its adoption by Generali International serves as a further endorsement of our leading solutions in the wealth management field."
3i Infotech is the UK market leader in asset management solutions, with four out of the top five private wealth managers using its software and services. Clients include Barclays Wealth, Rathbones, Jupiter and Friends Provident.