Tech Mahindra Partners Alveo to Power Data-as-a-Service Solution

Tech Mahindra is back in the capital markets data management game with the selection of Alveo’s FiDaaS solution to offer its customers financial Data-as-a-Service (DaaS). FiDaaS is a cloud-based, centralised market data platform covering pricing and reference data management, and end-to-end financial data management including data acquisition, mastering, quality management, discovery and distribution. The solution is designed to improve operational efficiencies by streamlining the management, control and tracking of data to enhance governance and verification for regulatory reporting.

Tech Mahindra, a global IT services and consultancy provider with a focus on digital transformation, made its last major foray into the data management space back in 2013, when Luxembourg-based UBS Global Asset Management spun off its reference data platform to the company. Tech Mahindra repositioned the platform as an offshore reference data utility aimed at meeting market demand for lower cost, high quality data that could reduce risk and increase efficiency. The service was introduced under the Tech Mahindra Managed Data Services brand and provided a global data utility, but no longer features on the company’s website.

Vivek Agarwal, president at Tech Mahindra, says: “A sophisticated data management platform is central to ensuring data quality, data lineage, data cost monitoring, automation and self-services for global enterprises. Our partnership with Alveo is a move in this direction.”

Mark Hepsworth, CEO at Alveo, adds: “Our partnership with Tech Mahindra is another step forward in rolling out DaaS offerings to the financial services industry. The speed of onboarding, flexibility in consumption, and lower cost of change while providing users with a clear set of controls, dashboards and configuration options have made DaaS a model of choice when it comes to sourcing data management capabilities.”