Editor’s note: another in an occasional series where the Hub Designs Blog profiles companies and solutions you may not have heard of that are relevant to master data management (MDM).
Company & location: SmartCo, headquartered in Paris, France, with an office in Boston MA, provides a product called the SmartCo DataHub, a master data management solution for financial institutions.
Value proposition: SmartCo DataHub consists of several data management modules including a Security Master, which handles every type of asset class and manages reference data, market data and corporate actions data. The product can receive information from many different internal or external sources, and then cleanse it, enhance it and distribute it to all departments and systems, so everyone shares the same data.
SmartCo DataHub also provides other modules such as Indices and Benchmarks, and Business Entity Management, which centralizes and consolidates all information about third parties with which the financial institution is directly or indirectly in business. This is linked to the Security Master for monitoring and mitigating credit and operational risks.
SmartCo DataHub has built-in connectors to data sources like Bloomberg, Thomson/Reuters, Factset, Interactive Data, Markit, Six Telekurs / Fininfo, and several others. SmartCo DataHub is designed using the latest SOA technology in order to provide users with more flexibility.
What point in MDM lifecycle: this would be most appropriate for banks and other financial institutions looking to replace one or more internally built security masters. Most financial services companies don’t regard creating their own custom security master as a competitive advantage any more. So a “commercial off-the-shelf” (COTS) solution might be a good fit for companies looking to reduce the number of security masters they’ve got to maintain, and save money vs. developing a new security master internally.
Relevance to MDM: the financial services industry is going through its biggest upheaval in more than 75 years. But consolidating multiple custom built systems that are expensive to maintain can save a lot of money and provide a very strong return on investment.
If you’re in the financial services industry and are investigating master data management as a strategy for cost savings, revenue enhancement or regulatory compliance, SmartCo is an interesting company that is growing its presence in the North American market.