Initial Focus on FATCA Addressing Time, Risk and Costs of Fragmented Data and Information Silos
PwC US today announced a new strategic business relationship with Pneuron Corporation (Pneuron). PwC will work with Pneuron's new distributed technology platform, which will provide ground-breaking data solutions for financial services institutions.
The PwC Pneuron relationship will enable financial institutions to integrate and package multiple legacy data sources or applications in a more efficient and cost effective way than traditional or interim solutions provide. The tools enable mapping of diverse and distributed points of value, data, or functionality without intermediary technology or database development.
“Combining the Pneuron platform with PwC’s deep experience drawn from helping global financial institutions comply with FATCA is a natural combination,” said Miles Everson, financial services advisory leader, PwC US. "Pneuron leverages our knowledge and allows us to help clients meet their pressing regulatory compliance and data analytics business needs."
PwC and Pneuron’s first product in a planned portfolio of solutions will address data extraction, normalization and reporting – challenges that plague the financial services industry. Specifically, the product will help organizations meet a number of the requirements for the Foreign Account Tax Compliance Act (FATCA), such as pre-existing account due diligence. Additionally, other Pneuron risk and compliance offerings aimed at the legal entity identifier (LEI), fraud and anti-money laundering (AML), operational productivity, credit risk and customer “golden copy” structures are underway with PwC.
"Our clients are facing escalating costs and risk as they try to bring together a range of proprietary and competing data and information silos to comply with increasingly complex business and regulatory challenges,” said Steven Crosby, PwC Americas wealth leader. “This new platform will pave the way for operational efficiencies and better business intelligence while helping institutions more effectively manage their risk and compliance obligations."
"This is ground-breaking, game-changing technology for the financial services industry," said Pneuron CEO, Simon Moss. “We can take data from any source or legacy technology and make it globally available, reliable and interoperable with any other source or technology. This fundamentally changes the playing field of enterprise business competiveness."
In recent discussions with Pneuron concerning the PwC agreement, Larry Tabb, CEO of the financial markets research and advisory firm TABB Group, said, "There are three universal truths in banking technology: information proliferates; data becomes increasingly important; and firms’ technology infrastructures only become more complex as products proliferate and banks support a greater number of geographies. In this age of regulatory scrutiny, it’s increasingly necessary for firms to access and report quickly on data from all around the organization. Without these capabilities it will become difficult to properly manage the business and stay out of the regulators’ crosshairs.”