US-based enterprise data management (EDM) solution vendor Fascet has signed a partnership agreement with hosting specialist Rackspace to support its new software as a solution (SaaS) offering. Accordingly, the vendor has been enabled to offer its Fascet Trade Communicator, a post-trade notification solution that processes any asset type including complex OTC derivatives, in a SaaS delivery model.
Fascet began providing integration and STP solutions to the financial services community in 2002 and has since moved into the data management and data migration space. The recent partnership between the two vendors is focused on supporting Fascet’s SaaS offering, which aims to normalise and securely transmit transactions, positions and valuation data between parties in the financial transaction chain.
Brian Baskinger, managing director of Technology at Fascet, explains: “We spent 12 months reviewing many of the leading hosting providers prior to selecting Rackspace. The key factors in our decision were data centre security, quality of support, system availability, and industry track record.”
According to Baskinger, Trade Communicator was designed to meet the complex transaction requirements of banks, hedge funds, investment advisors and broker-dealers. Approximately 80 firms are now using the platform to notify counterparties of transaction details as well as to provide transparency. “In the past six months, we’ve successfully implemented more than 50 firms across five continents with 100% system availability. Our relationship with Rackspace was integral in allowing us to scale our SaaS offering,“ he continues.
SaaS offerings have become increasingly popular within the vendor community and the last couple of years have witnessed a significant increase in SaaS versions of various software offerings being launched on the market. Its popularity can be easily identified in these tight economic times, as firms seek to rapidly implement low cost solutions in targeted areas of the market.
Data management is one such space. Multi-year large scale projects are unlikely to get much funding when its hard to predict what the state of the market will be in six months’ time, after all. Hence the launch of solutions targeted at specific corners of the market and lower cost hosted solutions, such as Fascet’s SaaS offering.
Fascet has also signed a partnership agreement with outsourcing specialist Accusource to provide outsourced back office processing services focused on operational efficiency and data quality. Again, reflective of a trend within the vendor community to partner with other providers to extend market reach and benefit from others’ technology offerings.