Temenos has rebranded its ProDB enterprise data management solution as Temenos DataSource and set out a strategy to deliver pre-packaged data management solutions aimed at easing banks’ pain points. The solutions will combine the Temenos metadata model and rules engine with a financial instruments data model (FIDM) developed by Geneva-based Ecofin. The first packaged solution will support data management for regulatory compliance, with later additions expected to cover cashflow and corporate actions.
Ecofin will be added to release 13 of DataSource later this year and will be offered as an option with a separate licence fee. Ralf Zeitler, DataSource product manager at Temenos, says: “Banks face the challenges of regulation and cost pressure. Our strategic approach will deliver efficient applications. While it is possible to meet regulatory requirements using ProDB, the approach using DataSource and the Ecofin data model adds value and makes it easier.”
Essentially, the combination of DataSource and Ecofin’s FIDM, a model already widely used in the banking industry, automates the management of market and reference data, importing data from market data vendors and storing it in its original format before consolidating it to create golden copies of instruments and delivering required data in near real time to target applications. Importing, consolidating and exporting data is a single process, while scale to meet growing volumes of data is supported by the Java Enterprise Edition architecture underpinning DataSource.
Zeitler says the software can be used to implement complex workflows on the fly. By way of example, he suggests the automated process of creating a new instrument, including the collection of instrument data and distribution of instrument data to relevant applications.
Mark Winterburn, Temenos product director, concludes: “In a world where the volume of data generated is growing exponentially and regulations are becoming increasingly complex and are changing frequently, DataSource will reduce costs and risk, while improving the quality and consistency of a financial institution’s data.”