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Kedrios Launches EDM Offering for Italian Market with GoldenSource

Kedrios, a SIA-SSB Group company specialising in back office products, services, IT and administration outsourcing for Italian financial institutions, has signed a strategic agreement with GoldenSource Corporation, a global provider of enterprise data management (EDM) solutions, to provide a hosted data management service to banks, investment managers and brokers in Italy.

The new service, called Kedrios Data Management (KDM), will be powered by GoldenSource’s EDM solution and provide users with a centralised source of golden copy data for critical business processes, reducing potential risk and error.

Together, Kedrios and GoldenSource will aim to bring a cost effective, data management service to one of Europe’s fastest growing financial markets. Kedrios’ expertise in delivering outsourced solutions to Italian financial institutions will reduce time to market and facilitate the delivery of core data management capabilities without a need for extensive IT and business resource. The service will also have flexible user billing models, including pay by usage.

According to recent Tower Group research, inaccurate or inconsistent reference data and poor data management processes continue to play a significant role in settlement delays, accounting for nearly 60% of all failed trades. KDM will reduce risks and costs for users by creating a trusted set of data, which identifies and links information on products, customers and counterparties. By centralising and validating data, KDM will also reduce fragmentation and duplication of reference data used for downstream applications and improve the quality of information distributed throughout the enterprise.

“Thanks to the alliance with GoldenSource we are able, for the first time in Italy, to provide financial institutions with a new service that can radically change their way of managing financial data and support them in their daily processes towards the final investor,” says Mario Danieli, general manager of Kedrios. “Today, industry operators need to have at their disposal efficient tools for the integration and processing of financial data flows which increasingly represent a strategic resource for all business processes, and a guarantee of transparency and customer protection.”

Neil Vanlint, managing director for EMEA at GoldenSource, adds: “Kedrios is an ideal alliance partner for GoldenSource to accelerate the adoption of EDM in the Italian marketplace. The combination of GoldenSource’s market leading functionality, Kedrios’ local knowledge, and its track record in operational outsourcing will deliver solutions with the time to market and total cost of ownership benefits the market demands. Enterprise data management has emerged as a global priority right now, and our alliance with Kedrios is further illustration of GoldenSource’s commitment to key European markets.”

Through KDM, users will be capable of implementing customised rules and procedures for the collection, validation and comparison of data (securities and counterparts, corporate actions and prices) from different internal and external sources (information providers) used on a daily basis to support critical business processes. These capabilities will allow users to align their data management strategy with best practice recommendations from influential trade associations such as the EDM Council and maintain the product, market and customer classifications needed to meet MiFID standards.

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