New DataArt Risk Reporting Suite for OPERA Built on MongoDB to Be Showcased at SIFMA Tech
DataArt, a custom software development company that builds advanced solutions for select industries, today announced partnership with 10gen, a MongoDB Company, aimed to enhance big data management for DataArt clients, with a particular focus on expanding the benefits to financial services firms.
The partnership leverages 10gen’s technology MongoDB, the leading NoSQL database, and DataArt’s Big Data and Data Visualization Competence Centers to ease data aggregation and cost of management. DataArt’s first offering as a result of the partnership, available at no cost, is a risk reporting suite for Open Protocol Enabling Risk Aggregation (OPERA), which will be showcased at SIFMA Tech at Hilton New York.
“The technical benefits of the MongoDB database were immediately recognized by our developers, and inspired us as a company to complete the official 10gen online training education for developers and DBA’s,” said Oleg Komissarov, Senior Vice President at DataArt. “The built-in scalability, support of indexes and full query language provided by MongoDB made it the best solution as opposed to relational databases. Overall, 10gen technology is widely recognized by the open source, development and business communities, and the fact that it continues to successfully fulfill client projects has made it a very reliable partner of choice.”
DataArt continues to push the level of innovation for their clients by designing and implementing solutions on top of MongoDB. Service areas such as financial services, travel, healthcare and media are realizing the challenges of the existing data layer, MongoDB provides flexibility, scale and speed internal IT needs and the business requires. DataArt’s Big Data Competence Center provides clients with a full cycle of solutions including system architecture, development, integration and maintenance on cloud platforms.
“Financial services is an important industry for 10gen and it’s great to have partners like DataArt to further propel MongoDB across leading organizations and into new use-cases,” said Matt Asay, vice president of corporate strategy and business development at 10gen. “DataArt’s risk reporting suite promises to address industry specific challenges.”
The financial services industry in particular has the opportunity to more effectively manage their big data through this collaboration, as it affordably and efficiently has provided solutions for compliance, data aggregation and other mission-critical projects. DataArt will be demoing at SIFMA Tech a new risk reporting suite for OPERA, developed on top of MongoDB, which allows investors to integrate data sources, aggregate investment exposures and proactively manage risks. The demo will show how risk aggregation for hundreds of thousands of trading positions happens in seconds, allowing buy-side firms and financial institutions to utilize real time risk aggregation reporting without the implementation of expensive and complicated software architecture.