Tech Mahindra Launches FiDaaS Solution Powered by Alveo to Address Financial Services’ Data Management Challenges
The highly scalable solution will help financial institutions meet their risk management, valuation, security master and operational needs
Europe- December 8, 2021: Tech Mahindra, a leading provider of digital transformation, consulting and business reengineering services, has selected Alveo, a leader in market data integration and analytics solutions for financial services, as the technology underpinning an integrated Financial Data as a Service Proposition to the Financial Services Industry.
The FiDaaS Solution provides a cloud-based, Centralized Market Data Platform which offers a comprehensive solution for pricing and reference data management and covers end to end Financial Data Management requirements. The solution covers Data Acquisition, Data Mastering, Data Quality Management, Data Discovery and Distribution.
The Tech Mahindra FiDaaS solution will be offered in partnership with Alveo, as the underlying technology, and will include:
- Reference Data Management Solutions for security set-up and post-trade processing as well as ESG data management
- Market Data Management Solutions for Portfolio valuation (e.g. NAV and IPV), Sensitivity measures, and Index and ETF Data Management
- Risk Data Management Solutions for risk factor data, back-testing, scenario analysis and stress testing
Financial Services firms need to handle increasing volumes, additional data sources and need to provide their business users and applications with quality checked and validated information for risk, valuation, operations, trade enablement, finance, and advanced analytics. In this regard, FiDaaS will improve operational efficiencies by streamlining the management and control and tracking of data to enhance governance and verification for regulatory reporting.
The Tech Mahindra “Powered by Alveo” partnership brings together two global specialists with the complementary capabilities needed to realize transformative outcomes with a vision and a commitment to co-innovate.
Vivek Agarwal, President – BFSI, HLS and Corporate Development, Tech Mahindra, said, “Value and reliability of instrument data that financial institutions have access to, has far reaching impact on their reputation and regulatory scrutiny. Inaccuracy and unavailability of this data increases risk and causes significant financial losses. A sophisticated data management platform is central to ensuring data quality, data lineage, data cost monitoring, automation and self-services for global enterprises. Our partnership with Alveo is a step in this direction. Through this collaboration, we aim to help financial services customers to achieve the objectives of better-quality data at the right cost while also getting the best analytical features from the historical financial data repository. We are looking forward to working with Alveo and driving the financial services customers towards Data -as-a-Service model.”
As part of the NXT.NOW TM framework, Tech Mahindra aims to enhance human-centric experiences for businesses. This means focusing on investing in emerging technologies and solutions that enable digital transformation to better meet the evolving needs of its customers through our DigitALL framework.
Mark Hepsworth, CEO, Alveo, said, “Our partnership with Tech Mahindra is another step forward in rolling out Data-as-a-Service offerings to the financial services industry. The speed of onboarding, flexibility in consumption, and lower cost of change whilst providing users a clear set of controls, dashboards, and configuration options have made Data-as-a-Service the model of choice when it comes to sourcing data management capabilities. We are delighted to welcome Tech Mahindra to the ‘Powered by Alveo’ program and look forward to working closely together.”
Alveo is the leader in market data integration and analytics solutions for financial services. Focused on optimizing data flows for business user self-service, we provide cloud-native data aggregation and data quality management that enables clients to easily access trusted data while maximizing their data ROI.
Through our managed services, we ensure that clients can smoothly onboard, prepare and validate data for use in operations, trading, investment management, pricing, risk, reporting and machine learning.
We service a global client base and our award-winning technology provides easy integration into business user workflows and a proven platform for advanced analytics. Through combining deep domain expertise with the latest open-source technologies, we help financial institutions ensure high-quality data, optimize market data cost and maximize productivity.
About Tech Mahindra
Tech Mahindra offers innovative and customer -centric digital experiences, enabling enterprises, associates and the society to Rise. We are a USD 5.1 billion organization with 141,100+ professionals across 90 countries helping 1123 global customers, including Fortune 500 companies. We are focused on leveraging next-generation technologies including 5G, Blockchain, Cybersecurity, Artificial Intelligence, and more, to enable end-to-end digital transformation for global customers. Tech Mahindra is one of the fastest growing brands and amongst the top 15 IT service providers globally. Tech Mahindra has consistently emerged as a leader in sustainability and is recognized amongst the ‘2021 Global 100 Most sustainable corporations in the World’ by Corporate Knights. With the NXT.NOWTM framework, Tech Mahindra aims to enhance ‘Human Centric Experience’ for our ecosystem and drive collaborative disruption with synergies arising from a robust portfolio of companies. Tech Mahindra aims at delivering tomorrow’s experiences today and believes that the ‘Future is Now’.
We are part of the Mahindra Group, founded in 1945, one of the largest and most admired multinational federation of companies with 260,000 employees in over 100 countries. It enjoys a leadership position in farm equipment, utility vehicles, information technology and financial services in India and is the world’s largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate. The Mahindra Group has a clear focus on leading ESG globally, enabling rural prosperity and enhancing urban living, with a goal to drive positive change in the lives of communities and stakeholders to enable them to Rise.
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Abhilasha Gupta, Global Corporate Communications and Public Affairs
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