Canadian bank establishes ‘Centre of Excellence’ for data

Project Summary

Financial institutions worldwide are increasingly recognising the value in building a scalable and sustainable data management platform to reduce operational costs, improve time to market, and ensure accurate, timely and consistent data across systems.

One such organisation is a major international bank in Canada, which has established an internal data management function with Alveo over the last 7 years to support the effective use of master data covering capital markets and wealth management.

Highlights

• The bank has created a ‘true’ EDM system with Prime, whereby its Centralised Security Master department provisions data to most business units (35-40 systems/consumers) across wealth and capital markets
• The bank now uses Prime as the automated technology platform to manage its data content
• On a day-to-day basis, the system collects, loads, cleanses, stores and manages 50+ data feeds from sources including Bloomberg, Refinitiv, ICE Data Services (IDC), ratings agencies, and a range of smaller data vendors
• Approximately 90% of end of day reference data received from Bloomberg and Refinitiv feeds goes through Prime