GoldenSource, a software provider of enterprise data management (EDM) solutions for financial and securities institutions, reported on Wednesday that its ‘Powered By’ program is making communication across the entire data supply chain easier. Firms that have joined the program include Broadridge Financial Solutions, formerly ADP's Brokerage Services Group, and securities services and middle and back-office administrators including OpHedge and IBM SIS.
The take-up of EDM technology is increasing as financial institutions are realising the benefits that centralised data brings, says GoldenSource. This increases the pressure on external data providers to supply the same quality of service, it adds. GoldenSource created the 'Powered By' partner program to make its EDM platform widely available to all participants in the data value chain.
Broadridge Financial Solutions is using GoldenSource to power its global reference data solution, a fully managed enterprise solution that combines capture, scrubbing, storage and distribution of mission critical reference data in an outsourced solution.
"We want to provide our clients with the best data management possible. GoldenSource was an obvious choice," says Richard Stumm, vice president, business development, Broadridge Financial Solutions. "We can see that wider market adoption of standard solutions such as Broadridge's global reference data solution and the GoldenSource suite will bring increased efficiencies to the data supply chain, which will ultimately benefit the end user in financial institutions," he adds.
OpHedge Investment Services, a hedge fund administrator, uses GoldenSource's EDM platform to streamline its reporting and data management process by creating, maintaining and publishing a standardised reference data repository for all financial instruments.
"There is demand from the industry to move to a standard practice and methodology for managing data, as attested by strong interest and participation in the EDM Council," remarks Jeff Li, CIO, OpHedge Investment Services. "We see GoldenSource as the leader in this area and their 'Powered By' program means financial institutions stand to have plug-and-play data from all parts of the industry. This would be a great thing for all participants," he adds.
"Business growth and risk mitigation are among the drivers for improved data quality within financial services firms," explains Michael Meriton, president and CEO, GoldenSource. "Companies along the full data supply chain serving these institutions realise that in order to meet their customers' goals, they need to be able to provide them with a single view of data. For this they are turning to GoldenSource as a powerful and proven solution, which delivers the flexibility these firms demand as they grow their data services businesses," he notes.