Datactics has launched a suite of data management tools aimed at helping financial institutions deal with the raft of regulatory requirements now impacting legal entity and other data types, including the new global Legal Entity Identifier (LEI).
Datactics is offering a flexible solution that meets the data management needs of any size of financial institution, whether large sell-side with a specific business problem to solve or small hedge fund seeking to farm out its complex data management processes.
Clients can elect to license the Datactics tools for use by their own data analysts. They can contract with Datactics to conduct their data management processes on a consulting basis. Or they can outsource their data management processes to Datactics on a fully hosted basis from the company’s Belfast, Northern Ireland-based technical centre.
According to Datactics chairman Stuart Harvey, “Datactics is well positioned to meet the specific data management needs of firms operating in the City of London as they re-engineer their processes in response to the emerging regulatory environment. Datactics provides sophisticated data management tools to help firms quickly adapt to the new LEI standard, and our Software-as-a-Service (SaaS) option means they can benefit from our team of expert analysts based in Belfast.”
Datactics provides data consolidation and re-engineering software, including edit-distance (fuzzy) matching, equipping the business user to access information held in multiple formats and languages, at blistering speed through massively parallel processing (MPP). It handles large volumes of complex enterprise data with ease, even dealing with unstructured data.
Datactics software populates missing fields and realigns the data by parsing unstructured data and using adaptive master reference files, capturing the knowledge held by the data experts in your organization.
Datactics has over 10 years experience in data quality tools, and has a strong portfolio of Fortune 500 customers and other leading organizations, with a worldwide partner vendor network. The company has gained industry recognition as a visionary within the Gartner Magic Quadrant for Data Quality Tools since 2007.
Datactics recently secured funding from Invest Northern Ireland, employees and angels. Earlier this year, it hired Harvey, founder of Harco Technologies, now part of NYSE Technologies, and NYSE Technologies colleague Steve Cowler to spearhead its financial services initiative.
Harvey and Cowler have been charged with targeting Datactics’ fuzzy automation and de-duplication tools at the specific needs of financial institutions. Datactics has subsequently honed its suite to include entity data integration, symbology mapping, and corporate actions automation tools.
The Datactics data quality engine is a well engineered application that is extremely fast, accurate and scalable. The technology is built on C++ and genuinely multi-processor enabled. It can be used to implement the most complex of data quality processes within the financial services industry and yet has easy-to-use ‘drag and drop’ functionality, designed for the business user who knows the data. The application performs the following:
- Import data from ODBC or file
- Data agnostic
- Discovery, Analysis, Score-carding & Validation
- Parsing, Standardization
- Transformation, Enrichment & Verification
- Link, Filter, Match, Merge, De-duplicate
- Adjustable ‘Fuzzy matching’ criteria
- Scoring parameters
- Create Master Records or ‘single version of the truth’
The company is offering three commercial delivery options:
- Software licence – Clients are able to license Datactics’ data management tools for use by their own data analysts.
- Software licence plus professional services – Customers benefit from Datactics’ expertise in applying the data management tools to business issues at the client site.
- Software-as-a-Service – Fully managed service, with client data management processes handled off-site at Datactics’ Belfast technical centre.
In its approach to its data management activities, Datactics is stressing three key attributes:
· Nimble – Projects are usually created on laptops by data analysts (not programmers), run on test data and then deployed to a live environment in days rather than weeks/months.
· Scalable – Datactics is capable of handling projects that deal with hundreds of millions of records.
· Tactical – Datactics is not seeking to be the big broad monolithic solution that goes all the way from data on-boarding to business reporting with data quality in the middle. “We have a very easy-to-integrate solution that works with clients’ existing systems (even augmenting the likes of Trillium or Informatics) that is offered at a price point and licensing model that permits easy use an on run-the-bank or project basis,” says Harvey.