The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Capgemini Signs up BNY Mellon to Reference Data Utility Platform

Capgemini has signed up BNY Mellon as the second client of its reference data validation utility, according to sources familiar with the arrangement. The deal is an important one for Capgemini – which acquired the utility as part of its $4 billion acquisition of iGate two years ago – as it marks the first commercial uptake since the initial lift-out of UBS’s data management platform to create the utility in 2013.

The BNY Mellon win lends credibility to Capgemini’s capability in the utility space, moves it into closer competition with the SmartStream RDU, and ends a lengthy industry conversation about whether the utility could gain traction in the market. It also provides proven choice for firms evaluating reference data utility services going forward.

A Capgemini spokesperson in New York – where the deal was sealed – declined to comment on the deal beyond saying the company does not acknowledge or discuss work it does for its clients. A BNY Mellon spokesperson also declined to comment.

Capgemini acquired iGate early in 2015, making it one of the world’s largest consultancy and IT services firms and giving it a stake in the reference data utility market. With a serious win under its belt, the company now will be keen to establish the utility as a viable competitor to the SmartStream RDU, which itself made limited progress until three large banks – Goldman Sachs, JPMorgan Chase & Co, and Morgan Stanley – invested in the platform and its development as utility users.

For BNY Mellon, the deal advances data management strategy and circles back to earlier involvement with the initial developers of the reference data utility, particularly Markit EDM, whose platform formed the original basis for the iGate utility and provided BNY Mellon Asset Management with its first enterprise data management solution back in January 2014.

Related content

WEBINAR

Recorded Webinar: Dealing with Reality – How to Ensure Data Quality in the Changing Entity Identifier Landscape

This webinar has passed, but you can view the recording here. The development of the global legal entity identifier standard has put a focus on entity and customer data. Financial institutions are struggling with a range of quality of issues. The emergence of several so-called pre-LEIs has added complexity to the situation. How are firms...

BLOG

Alveo Integrates ULTUMUS Index and ETF Managed Data Service with Prime

Alveo and ULTUMUS, an exchange-traded fund (ETF) specialist, have partnered to bring together Alveo’s data mastering solution, Prime, and ULTUMUS’s global ETF and index managed data service. The partnership aims to enable Alveo customers to integrate index and ETF information more quickly, and allow ULTUMUS’s clients to enhance their data mastering and data integration capabilities....

EVENT

RegTech Summit London

Now in its 6th year, the RegTech Summit in London explores how the European financial services industry can leverage technology to drive innovation, cut costs and support regulatory change.

GUIDE

Entity Data Management Handbook – Second Edition

Entity data management is this year’s hot topic as financial firms focus on entity data to gain a better understanding of customers, improve risk management and meet regulatory compliance requirements. Data management programmes that enrich the Legal Entity Identifier with hierarchy data and links to other datasets can also add real value, including new business...