Standard Chartered invests in data management outfit Paxata
14 September 2017 | 1876 views | 0
Source: Standard Chartered
Standard Chartered has made a strategic investment and entered into a joint innovation agreement with Paxata, a leading enterprise information management company based in Redwood City, California.
This investment and the introduction of Paxata’s adaptive information platform will further accelerate the Bank’s agenda of being a digital bank with a human touch by making data more accessible and improving the way its employees use information to make better decisions.
By allowing self-service access to information, Paxata will empower Standard Chartered employees, even those without technology backgrounds, to transform raw data into trustworthy business information they can turn into action. As the tool sits on top of the bank’s data lake, any employee who needs to analyse the bank’s data in their work, whether in finance, compliance or risk, can take advantage of easy-to-use and rich interactive capabilities to understand, transform, and combine complex data from different sources for better analytics and reporting.
Michael Gorriz, Group Chief Information Officer, Standard Chartered said: “Joining the dots across different data sources and extracting value out of data is an important element of the Bank’s strategy as a diverse global bank. Paxata is helping us transform raw data into an insightful information fabric and this can help increase our speed of decision-making. This investment is an important step in building our capabilities as a data-driven company where employees in all functions are able to harness data at their fingertips.”
In addition to the investment, Standard Chartered has entered into a joint research and development initiative with Paxata to investigate sophisticated algorithms for searching, linking, aggregating and classifying data.
“We are deeply honoured to partner with Standard Chartered,” said Prakash Nanduri, co-founder and CEO of Paxata. “Their commitment to digitisation and information democratisation is 100% in line with our vision and this investment and joint innovation agreement validates and significantly enhances our unique value proposition of being the only intelligent, enterprise-scale, self-service, information management platform with built-in governance, capable of being deployed in a hybrid, multi-cloud world.”
Standard Chartered first partnered with Paxata in 2016 for a compliance project.
Technology is at the heart of Standard Chartered’s strategy - driving efficiencies, increasing automation, introducing global platforms, reducing manual errors and strengthening how it combats financial crime. In 2015, it announced it was investing about USD3 billion over 3 years in technology and systems. In 2016, the Bank announced its investment in Ripple, a leading distributed ledger company to co-develop commercially viable applications for global trade and payments.
Paxata opened its Asia Pacific headquarters office in Singapore in December 2016 as part of its Asia-centric international growth plan.