Consorzio Operativo MPS, the technology arm of Banca Monte Dei Paschi di Siena, the world’s oldest bank and flagship of the MPS Group, has selected the GoldenSource Customers and Counterparties data management solution to create, maintain and publish a standardised reference data repository for the group’s counterparty data.
The technology operation is already rolling out the GoldenSource Securities and Products solution, but considered entity data management options from both local and global enterprise data management solution providers before selecting GoldenSource Customers and Counterparties. The software will centralise counterparty data and provide a single view of entity data, including an accurate representation of complex corporate hierarchies. It will also link to Securities and Products data in an integrated data architecture based on GoldenSource’s core data model.
Consorzio Operativo MPS was previously running a number of trading and risk systems, each with their own counterparty data, and secured funding to centralise the data on the basis of reducing counterparty risk, improving operational efficiency, improving time to market and assuring compliance with existing and emerging regulations.
Enrico Farina, manager of Consorzio Operativo MPS, explains: “We selected GoldenSource because it offered us a complete and innovative integrated solution to process all the financial data used by the business. This project is fundamental to MPS Group’s long-term strategy of growing the business. GoldenSource will enable us to significantly reduce onboarding times by providing a quick and efficient process. Moving to an automated, workflow-based approach will also significantly reduce our level of operational risk and improve data quality.”
Going forward, the counterparty and securities data solutions will be implemented in parallel by a joint team of staff from GoldenSource professional services and Consorzio Operativo MPS. The project status is currently moving from high level to detailed planning with deliverables expected through next year.