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

A-Team Insight Blogs

Cyoda Proposes a Paradigm Shift in Data Processing Technology

Cyoda has set out to cut the complexity and cost of data processing and reporting with a distributed and limitlessly scalable straight-through-processing platform that delivers fast, accurate and tracked data for business use cases including regulatory reporting and internal reporting across large volumes of disparate data.

The platform challenges traditional relational database management systems and has been built from the ground up using the Cassandra open source distributed database and a technology stack developed by Cyoda engineers. Its architecture is simple by design and includes just two node types: a data node based on Cassandra, which provides an underlying, robust and scalable file system; and a processing node including a query engine, transaction orchestration, distributed reporting, messaging, workflow processing and open application programming interfaces (APIs).

Cyoda started up with support from Dassault Systèmes’ 3D FinTech Challenge accelerator programme, with which IBM is involved, and brought its platform to market late last year. The platform can be run on any number of cheap commodity blade servers and can be scaled up or down by adding or removing additional blades. It is available as an on premise or Amazon AWS cloud solution and is designed to meet the Big Data reporting requirements of Tier 1 and 2 banks.

Patrick Stanton, CEO at Cyoda, says: “The Cyoda platform is designed to take in data feeds from multiple systems and provide an aggregated view of data to other systems. Every aspect of the platform is distributed, so there is no single point of failure and no restriction on how many transactions a bank can make.”

The Cyoda model breaks away from traditional database schemas and data management approaches by offering not only scalable distributed processing, but also the ability to consume any structured source data in its existing format. Logic required to meet each new processing or reporting requirement is built only as and when needed, avoiding unnecessary data mapping and reducing time to market.

Other benefits of the platform include the provision of as-at and ad hoc reporting quickly and accurately, transactional consistency, data quality, dynamic index-based querying, data lineage that meets regulatory requirements, and a rules engine that allows non-technical users to describe the workflow of an object, perhaps a trade or legal entity. Cyoda says the platform outperforms Hadoop in many respects and that it can run simulated risk calculations roughly 9,000 times faster than traditional data processing solutions with the same hardware investment.

The company was set up four years ago by Stanton and Paul Schleger, a former colleague on a data management project at Dresdner Bank. It has since developed the Cyoda platform and is talking to a number of Tier 1 and 2 banks about potential implementation.

Related content

WEBINAR

Recorded Webinar: Getting ready for Sustainable Finance Disclosure Regulation (SFDR) and ESG – what action should asset managers be taking now?

Interest in Environmental, Social and Governance (ESG) investment has exploded in recent years, bringing with it regulation and a requirement for buy-side firms to develop ESG strategies and meet disclosure obligations. The sell-side can help here by integrating ESG data with traditional financial information, although the compliance burden remains with asset managers. The EU Sustainable...

BLOG

Solidatus Raises £14 Million to Build Out Next-Generation Data Lineage and Metadata Management Platform

Solidatus has raised £14 million in Series A funding led by AlbionVC, the technology investment arm of Albion Capital Group, and also including HSBC Ventures and Citi. HSBC was an early adopter of Solidatus’ data lineage solution, and Citi the first strategic investor in the company in August 2020 following successful and ongoing implementation of...

EVENT

Data Management Summit Virtual

The Data Management Summit Virtual brings together the global data management community to share lessons learned, best practice guidance and latest innovations to emerge from the recent crisis. Hear from leading data practitioners and innovators from the UK, US and Europe who will share insights into how they are pushing the boundaries with data to deliver value with flexible but resilient data driven strategies.

GUIDE

Entity Data Management Handbook – Seventh Edition

Sourcing entity data and ensuring efficient and effective entity data management is a challenge for many financial institutions as volumes of data rise, more regulations require entity data in reporting, and the fight again financial crime is escalated by bad actors using increasingly sophisticated techniques to attack processes and systems. That said, based on best...