About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Tractiv Raises $2.25 Million to Build Out Tracking Solution to Aid Regulatory Data Validation

Subscribe to our newsletter

Chicago-based data usage monitoring and tracking specialist Tractiv, founded in 2020 under the name TradeX, has raised $2.25 million in seed funding to expand its engineering and sales teams. At the same time, the company has added Mark Almeida, to its board of directors. Almeida is Limited Partner Advisor at Nyca Partners – which led the funding round – and is a former president of Moody’s Analytics.

Tractiv’s technology allows financial firms to track data usage to ensure 100% compliance against license agreements, effectively removing the audit clause from data agreements. Consumer firms are able to trace and understand data usage by license number, which can be used as a report to show compliance, while producers are able to see that usage in parallel avoiding the need to bring in their audit teams. In the same way, financial firms’ data usage or transmission can be ‘proven’ with Tractiv’s immutable ledger to ensure data is bought, sold, or used in compliance with regulatory frameworks such as GDPR and Dodd Frank.

The solution also helps data suppliers track usage of their services within client organisations, affording them greater control over their intellectual property and commercial licensing arrangements. Its cloud-native solution can be integrated with data vendor solutions to provide immutable distribution and tracking to show how data is used internally at a client site or after it leaves a vendor’s environment.

The Tractiv solution operates in a similar way to blockchain or distributed ledger technology (DLT), providing secure, low-latency data transmission with instant reporting and analytics of usage, as well as transparency with no restrictions on data type or size. Says Tractiv CEO Drew Orsinger: “This solution provides quick, low-cost and direct access to data usage forensics, and can be up and running in hours. Tractiv solves a universal challenge in how data vendors distribute, track, and trace their data once a partner starts using it.”

Almeida adds: “Tractiv’s ledgering technology enables information sources to gain control over distribution and fully realise the value of their content. Providing transparency into data usage brings efficiency to the enforcement of content licensing agreements, allowing organisations to safeguard their IP while unlocking new monetisation opportunities.”

Tom Glocer, former CEO of Thomson Reuters and Tractiv investor says, “During my 19 years at Reuters we searched high and low for a technology solution that could support the largescale distribution of real-time and static content with granular permissioning, full audit trail and low latency. The Tractiv platform offers multimedia publishers the ability to achieve full value for their content by ensuring their service only reaches entitled customers.”

Tractiv’s primary customers are fintechs, major banks and wealth management firms looking for a more accurate understanding of data usage for business intelligence, compliance, and security. By having immediate insights into how data is being used via a centralised and immutable ledger, financial institutions can make more informed and timely decisions about how to maximise the value of the data. While Tractiv is looking initially to address the reference data ecosystem, its platform works to increase the value of any proprietary data or show compliance to license agreements and regulatory schemas.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Best practices for compliance with EU Market Abuse Regulation

EU Market Abuse Regulation (MAR) came into force in July 2016, rescinding the previous Market Abuse Directive and replacing it with a significantly extended scope of regulatory obligations. Eight years later, and amid constant change in capital markets regulation, technology and culture, financial institutions continue to struggle to stay on the right side of the...

BLOG

Nasdaq CSD Renews LEI Service Platform

Nasdaq CSD, a central securities depository providing access to the Estonian, Icelandic, Latvian and Lithuanian markets, and an accredited Legal Entity Identifier (LEI) issuer in the Baltic states and Nordics, has released an enhanced LEI service platform, Nasdaq LEI, that provides more straightforward and effective LEI code issuance and management to help firms meet regulatory...

EVENT

TradingTech Briefing New York

Our TradingTech Briefing in New York is aimed at senior-level decision makers in trading technology, electronic execution, trading architecture and offers a day packed with insight from practitioners and from innovative suppliers happy to share their experiences in dealing with the enterprise challenges facing our marketplace.

GUIDE

Enterprise Data Management, 2010 Edition

The global regulatory community has become increasingly aware of the data management challenge within financial institutions, as it struggles with its own challenge of better tracking systemic risk across financial markets. The US regulator in particular is seemingly keen to kick off a standardisation process and also wants the regulatory community to begin collecting additional...