24 April 2018

FinoComp launches asset data technology service ahead of MiFID II

20 October 2017  |  5680 views  |  0 Source: Finocomp

FinoComp, the Australian technology business providing micro-services software to the UK wealth management market today announces the launch of a new Single Source of Asset Data service.

Available from now this new standalone functionality enables wealth managers and platforms to have one master record of asset data which is fully integrated into and provides full synchronisation to their internal systems.

Where previously asset data would be manually updated across multiple systems which could be costly and error prone, this new one point of access service will provide a single system to maintain this information, backed by configurable workflow, business rules and approval facilities. It also acts as the master source for all digital engagement. This will help support the reduction of maintenance costs, (removing the need for updating multiple systems each time there is a change to an asset) provide improved operational efficiency and increase scalability. The micro-service architecture enables automatic processing of market data updates and provides flexible validation and work flow rules as well as a guaranteed delivery message layer to synchronise all asset data sources.

Tim Williams, Business Development Director at FinoComp said: “With an increasing focus on transparent and efficient asset data management ahead of the new requirements for MiFID II, we are delighted to be able to bring to market a targeted software solution that will support automated asset data reporting and management.”
Williams continued: “This standalone Single Source of Asset Data module can be supported and integrated into existing software systems and by creating business efficiencies will ultimately help support better outcomes for clients. We have already seen significant interest in this software development with Aegon already adopting the module to help support the migration of the Cofunds assets.”

Richard Denning, Chief Operating Officer at Aegon UK said: “Accuracy and control of data is absolutely essential to every platform, increasingly so with the upcoming MIFID II regulation. FinoComp's Single Source of Asset Data service has helped us to improve our ability to maintain data by synchronising the updating of data across multiple systems to ensure we have consistent data throughout the platform.”

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