Reference DataThe need to improve the quality and consistency of reference data is one of the most urgent issues on Wall Street. The Securities Industry Association (SIA) has identified standardization of reference data as one of the building blocks to Straight Through Processing (STP). The transaction discrepancies between systems that share data are a major cause of exception processing or broken trades. According to numbers widely quoted by the SIA and others, more than 30 percent of industry STP problems are related to reference data mismatches and inaccuracies. Furthermore, up to 80 percent of typical bank and brokerage transaction costs are related to handling exceptions, and, on average, 40 percent of exceptions are caused by reference data disparities.
"Reference data is a two-fold integration challenge: data from multiple sources must be consolidated, reconciled, validated and cleansed and then the data must be made available to internal applications," said John Parker, vice president, financial markets, Vitria. "BusinessWare facilitates the distribution of data to applications in real-time. At Vitria our goal is to enable organizations to better leverage their existing technology investments. An integrated solution from Vitria and Asset Control will benefit customers whose timelines demand rapid implementation, offering tremendous time and cost savings in the implementation of a reference data solution."
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