BT and Codel today announce the global availability of the Codel Digital Notary service via the BT Radianz Managed Infrastructure. This new service, allows financial institutions to protect and prove the integrity of electronic data such as messages, files and documents.
The service enables users, such as banks and market data vendors, to validate the integrity of digital data and messages end-to-end across the complete processing cycle. This means that no matter how an organisation receives data, from secondary sources, data vendors or service providers, it can be certain that what it receives is identical to the information that was created by the originator.
JosÃ© Antonio Martinez, managing director of Radianz and Payments, BT said: âData integrity, security and trust are major issues for financial institutions globally. Hackers arenât just trying to access financial institutionsâ data, they are trying to change it into new data which they might use to damage the targeted firm or seek financial gain. By combining the security and reliability of BTâs managed network services, where we support the worldâs largest secure networked financial community, with Codelâs Digital Notary service we can ensure 100 per cent data integrity across the whole financial supply chain.â
One example of the benefit of the Codel Digital Notary service is for validating corporate actions notifications. For example, in the USA alone there are approximately 350,000 corporate actions notifications sent out each year by publicly-traded companies and other issuers and offers for announced events on equities and bonds. Investment firms and investors receiving this information depend on it being accurate and correct, particularly when their systems are designed to process this information automatically. The Codel Digital Notary service allows them to validate the integrity, source and version of this information so that they can process it with trust.
In effect, using this service is the equivalent of a recipient being physically passed the information by the data originator. But unlike a paper document, digital data marked by the Codel Digital Notary service can be verified online and at any point in the future by the sender and recipient. This can be done no matter how many times the document has previously been exchanged.
James Zorab, CEO of Codel said: âUntil now, the only data integrity services that might be an alternative to Codel have been proprietary solutions used by data providers to transmit their own information. This is the first time that an open solution has been available that can be used by all industry participants â both providers and users of data. The security, reliability, scale and 100 per cent SLA of the BT Radianz Managed Infrastructure makes it the perfect method for accessing the Codel service. With BT we can assure data integrity, meaning it can be trusted and processed automatically, increasing operational efficiency and reducing costs.â