Ness Technologies (NASDAQ: NSTC), a global provider of IT services and solutions, today announced a new enhanced version of Financial Data Enterprise (FDE) at Foreword Financial Expo â the forum that addresses the latest IT and operations trends in the financial services market. FDE is an enterprise reference data management platform. In addition, Ness announced a new Business Process Outsourcing (BPO) methodology for asset managers, investment banks, broker/dealers and custodians. FDE and the new BPO methodology were developed by Ness Innovative Business Services (Ness IBS).
A cost-effective, flexible solution, FDE allows financial institutions to take complete control of their enterprise data by automating end-to-end acquisition, management and distribution of reference data. FDE acts as a transformation and enrichment hub that consolidates all disparate data sources leveraging its intelligent and dynamic metadata layer and delivers data to end users, systems and value-chain participants. FDE ensures that the data driving performance attributions, risk analysis, pricing, research, fund accounting and customer servicing and other mission-critical applications is clean, complete and consistent.
The new version, FDE 4.5, includes features such as processing of corporate actions, dynamic creation and setup of instruments and asset classes, enhanced data quality management and streamlined workflows for outsourced reference data and securities processing operations
The new outsourcing methodology and framework is aimed at performing core business operations such as trade/securities processing, clearing and settlement processing, custody, and transfer agency operations. This best-in-class outsourcing framework consists of rapid on-boarding and migration of operations, continuous improvements, service level agreements and process excellence.
"The new BPO methodology for financial services enables buy-side and sell-side companies to migrate operations rapidly to offshore, lowering the total cost of ownership," said Rajkumar Velagapudi, President of Ness IBS. "The new version of FDE automates corporate actions, which has been a challenge for our customers, while providing better data quality management and vendor rationalization mechanisms."