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

A-Team Insight Blogs

DNB Nord Is Early Adopter of IBM’s New InfoSphere Reference Data Application

Subscribe to our newsletter

IBM has added a ready-to-run application for reference data management to its InfoSphere Master Data Management (MDM) platform. The so-called InfoSphere MDM Reference Data Management Hub v10 has been beta tested by banks including DNB Nord in Europe and was released by IBM as an electronic upgrade last week.

The application offers centralised reference data management, an interface that allows business users to define and manage reference data with little IT intervention and services supported by the MDM platform including security, data quality and audit. The platform is based on Java technology and works with most vendor relational databases including Oracle and IBM’s DB2.

Essentially, the solution is a new master data domain built on the InfoSphere MDM platform with its own data model, services and user interface for the management of enterprise reference data. It has been designed for users to ensure quick implementation and minimise IT involvement, and is aimed at helping organisations reduce business risk, improve enterprise data quality and enhance operational efficiency.

David Corrigan, director of strategy, IBM Information Management, explains: “Across the master data management market there are generic platforms, but customers then have to build models to manage particular data. IBM has built a reference data engineering capability, the only purpose built reference data hub in the market. Other vendors offer empty products with tools to build a model for reference data, but a pre-built solution is quicker and cheaper to implement. The IBM model includes tables that can be used to build or change reference data models. Its foundation is productised, but it can be customised.”

Features of the Reference Data Management Hub include: import and export of reference data in multiple formats; versioning and lifecycle management for reference data sets and mappings; role-based user interfaces for review, approval and publishing of reference data changes; centralised audit and security; reference data defined and managed as an enterprise standard; and transcoding services that support mapping and transformation of data from one application representation to another.

Exemplifying IBM’s approach to centralised data management and distribution of reference data to different systems in an organisation, Corrigan describes the management of Nomenclature des Activités Économiques dans la Communauté Européenne, or NACE, codes that group organisations’ according to business activities.

He explains: “Banks with operations in multiple countries must manage individual national NACE code sets and reconcile the differences across countries. The InfoSphere Reference Data Management Hub allows different versions of the NACE codes to be managed from a central point, simplifying the creation of mappings among different versions and supporting transcoding values across the data sets.”

Commenting on the role of the MDM in holding master data copies that can be accessed and distributed in near real time if required, he adds: “The MDM is a centralised domain that serves many applications, so it holds one version of the truth, but there are many different views of that truth depending on the applications using the data.”

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: How to optimise the business value of your data using agile data governance

Data governance is transforming from a risk management and compliance tool with limited and prescriptive controls, to a solution that can help you optimise the business value of your data. In this role, data governance must scale to manage rising volumes of data, more and different data types, and changing user requirements, while continuing to...

BLOG

A-Team Extends, Expands and Releases 2021/2022 Edition of Regulatory Data Handbook

Don’t miss the latest edition of A-Team Group’s Regulatory Data Handbook, a publication dedicated to helping you gain a full understanding of regulations related to your organisation from the details of requirements to best practice implementation. The 2021/2022 handbook covers more than 40 regulations, providing you with a detailed description of each regulation including its...

EVENT

ESG Data & Tech Summit 2022

The inaugural ESG Data & Tech Summit will explore challenges around assembling and evaluating ESG data for reporting and the impact of regulatory measures and industry collaboration on transparency and standardisation efforts. Expert speakers will address how the evolving market infrastructure is developing and the role of new technologies and alternative data in improving insight and filling data gaps.

GUIDE

Preparing For Primetime – How to Benefit from the Global LEI

They say time flies when you’re enjoying yourself, and so it seems the industry have been having a blast with its preparations for the introduction of the global legal entity identifier (LEI) next month. But now it’s time to get serious. To date, much of the industry debate has centred on the identifier itself: its...