Dublin-based integration vendor PolarLake has packaged up a reference data distribution solution, PolarLake RDD, which has already been deployed by a global asset manager. PolarLake RDD is designed to meet the requirement for the distribution of reference data in sell side, buy side, custodian and fund administration businesses, being implemented alongside solutions from EDM vendors like GoldenSource, rather than replacing them, according to PolarLake CEO John Randles.
PolarLake had historically been involved in a number of reference data distribution projects using its core integration platform, including one at JPMorgan, says Randles. “With our most recent client, we jointly developed a business application focused on the needs of reference data distribution. Rather than a toolkit for reference data distribution, this is an off-the-shelf application for business analysts to use to manage data, providing reports and analytics on the quality of downstream data distribution.”
PolarLake has also implemented a patented way of managing business rules more intelligently, enabling it to implement what would have been 10,000 business rules in 1000, leading to a 75 per cent reduction in the time taken for implementation – down to four months from a typical 12 months – and requiring 80 per cent less resource, he says. “For this project we had one PolarLake consultant on site for four months. For typical integration projects the resource requirement would be far greater.”
Randles says PolarLake is not seeking to become an EDM vendor – rather it is “still an integration company providing a specific application for a specific integration requirement”. “Companies like GoldenSource, Eagle, Asset Control and TAP concentrate more on feed capture and cleansing. They don’t specialise in integration but their projects will get bad press if there are integration problems. We sit on top of an EDM solution and take its golden copy and provide the last mile of integration,” he says.
The vendor is also looking to work not only with financial institutions that have implemented commercial reference data solutions, but also those that have built securities master files inhouse, Randles adds.