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Kedrios and GoldenSource to Provide Italian Hosted Data Management Service

Posted on: Monday, 20 July 2009, 05:32 CDT

MILAN and LONDON, July 20 /PRNewswire/ --

- Alliance Couples Market-Leading Enterprise Data Management Technology With Proven Outsourcing Capabilities and Strong Local Presence

Kedrios, a SIA-SSB Group company specialising in back office products, services, IT and administration outsourcing for Italian financial institutions, has signed a strategic agreement with GoldenSource Corporation, a global provider of enterprise data management solutions, to provide a hosted data management service to banks, investment managers and brokers in Italy. The new service, called Kedrios Data Management (KDM), will be powered by GoldenSource's Enterprise Data Management (EDM) solution and provide users with a centralised source of golden copy data for critical business processes, reducing potential risk and error.

Together, Kedrios and GoldenSource will bring a cost-effective, data management service to one of Europe's fastest growing financial markets. Kedrios' expertise in delivering outsourced solutions to Italian financial institutions will reduce time-to-market and facilitate the delivery of core data management capabilities without a need for extensive IT and business resource. The service will also have flexible user billing models, including pay-by-usage.

According to recent Tower Group research*, inaccurate or inconsistent reference data and poor data management processes continue to play a significant role in settlement delays, accounting for nearly 60% of all failed trades. KDM will reduce risks and costs for users by creating a trusted set of data which identifies and links information on products, customers and counterparties. By centralising and validating data, KDM will also reduce fragmentation and duplication of reference data used for downstream applications and improve the quality of information distributed throughout the enterprise.

"Thanks to the alliance with GoldenSource we are able, for the first time in Italy, to provide financial institutions with a new service that can radically change their way of managing financial data and support them in their daily processes towards the final investor," said Gian Bruno Mazzi, CEO of Kedrios. "Today, industry operators need to have at their disposal efficient tools for the integration and processing of financial data flows which increasingly represent a strategic resource for all business processes, and a guarantee of transparency and customer protection."

Neil Vanlint, Managing Director EMEA, GoldenSource, added: "Kedrios is an ideal alliance partner for GoldenSource to accelerate the adoption of EDM in the Italian marketplace. The combination of GoldenSource's market-leading functionality, Kedrios' local knowledge, and its track record in operational outsourcing will deliver solutions with the time-to-market and total cost of ownership benefits the market demands. Enterprise data management has emerged as a global priority right now, and our alliance with Kedrios is further illustration of GoldenSource's commitment to key European markets."

Through KDM, users will be capable of implementing customised rules and procedures for the collection, validation and comparison of data (securities and counterparts, corporate actions and prices) from different internal and external sources (information providers) used on a daily basis to support critical business processes. These capabilities will allow users to align their data management strategy with best practice recommendations from influential trade associations such as the EDM Council and maintain the product, market and customer classifications needed to meet MiFID standards.

* The State of Reference Data Management: Results from the 2008 TowerGroup Reference Data Survey, TowerGroup (September 15, 2008)

KEDRIOS, a SIA-SSB Group company, specializes in the design, development and offering of applicative, administrative and consultancy services for financial market players. The know-how gained in significant projects has allowed Kedrios to present itself as a partner capable of sharing with the Client a valid business process model for the outsourcing of back office activities. The offering is completed with consultancy and market data dissemination services. The attention Kedrios pays to market evolutions has promoted the development of Market Abuse and MiFID solutions. The company employs around 250 professionals and has offices in Milan and Rome.

SIA-SSB, European leader in information & communication technology, provides services and solutions to the international financial community in the areas of credit and debit card processing, payment systems, capital markets and network services for connectivity and messaging.

Created from the merger between SIA (Societa Interbancaria per l'Automazione) and SSB (Societa per i Servizi Bancari), SIA-SSB Group currently operates in 30 countries and has subsidiaries in Belgium, Hungary and South Africa.

With 7.2 billion transactions annually - relating to cards, collections and payments - over 61 million cards managed and 2.5 billion deals processed on financial markets, SIA-SSB carries more than 9.9 thousand billion bytes of data on the network.

SIA-SSB Group is made up of seven companies: the parent company SIA-SSB, the Italian subsidiaries Kedrios (back-office and reporting services), RA Computer (solutions and applications for banks, businesses and P.A.) and TSP (systems and services for companies and P.A.), SiNSYS (card processing) in Belgium, Perago (infrastructures for central banks) in Switzerland and South Africa, and GBC (card processing and ATM/POS terminal management) in Hungary.

For more information, go to: http://www.siassb.eu

GOLDENSOURCE makes it easy to manage critical reference and market data. We offer an integrated Enterprise Data Management (EDM) platform for the securities and investment management industry.

Our innovative products are designed to create, maintain and distribute a trusted golden copy. Our unique data model covers all financial instruments, customers and counterparties, and extends to transactions and positions. The ability to connect, organise and aggregate trusted information reduces risk, drives better decisions and helps our customers achieve their goals. GoldenSource solutions are used by forward-looking banks, brokers, investment managers and service providers to achieve tactical departmental goals and strategic enterprise objectives.

A proven supplier of on premises EDM solutions to the world's largest financial institutions, GoldenSource also powers managed data services via the innovative Powered by GoldenSource(tm) program.

For more information, visit http://www.thegoldensource.com For More Information: U.S. Press Office Metia Inc. Sheryl Lee/ Ashleigh Egan Tel: +1-917-320-6462/6454 Email: MetiaGoldenSource@metia.com UK Press Office Metia Daniel Diaz/ Andy Martinus Tel. +44(0)203-100-3729/3585 Email: MetiaGoldenSource@metia.com

SOURCE GoldenSource

Source: PR Newswire

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