Four of Top Ten U.S. Banks Trust Orchestra Networks for Master and Reference Data Management
Updated: Jun 13, 2018
Boston, MA — September 23, 2014 — Orchestra Networks, a leading multidomain Master and Reference Data Management (MDM/RDM) solution provider, today announced that four of the top ten banks in the United States have selected EBX5 to manage master and reference data. These customers include:
An investment bank that uses EBX5 to manage counterparty, agreement and collateral information for structured products. Centralizing reference data provides a unique, workflow-based solution for business users and simplifies risk aggregation and regulatory compliance under Basel.
A bank holding company that deployed EBX5 to support large finance transformation program. Improving the governance of their financial hierarchies also improved global financial and risk reporting, and provided regionalized adaptations of core reference data to operation centers throughout the world.
Orchestra Networks' financial services customers find EBX5 a superior solution to manage a wide range of data domains:
Classification reference data, including public and private standards
Structural reference data, including legal entity hierarchies
Product master data, including complex assets
Customer master data, including counterparty and client hierarchies
With a single software platform for MDM and RDM, financial services businesses can maintain consistency and integrity between data domains. EBX5 provides sophisticated capabilities for master data management and governance such as version control, auditing, hierarchy management and a workflow-driven user interface for data stewards and end users.
"Meeting operational efficiency demands and complying with regulations requires consistent reference and master data," said Conrad Chuang, Director, Product Marketing, Orchestra Networks. "BCBS 239, specifically, provides principles for effective risk aggregation and risk reporting and requires banks and SIFIs to support highly automated data aggregation with minimal manual intervention by ‘…business line, legal entity, asset type, industry, (and) region.'"
"As a pure play vendor in Master Data Management, Orchestra Networks has demonstrated its ability to manage multiple domains, including reference data. At the MDM Institute, we consider reference data to be the third domain of master data, and a critical topic for large organizations, in particular banks and insurance companies," said Aaron Zornes, Chief Research Officer, The MDM Institute. "Our reference data management (RDM) market survey released earlier this year determined Orchestra Networks to be among the top three RDM solutions in the market."
"We are pleased to see momentum for Orchestra Networks in the banking sector in North America. It builds on our success with top banks in Europe," said Christophe Barriolade, President and CEO, Orchestra Networks.
About Orchestra Networks
Orchestra Networks (www.orchestranetworks.com) is a leading pure-play, independent master and reference data management software solution provider. The software, EBX5, enables business and technology users to model, master, govern and connect master data as diverse as customer, product, supplier, finance, HR, reference data, and more in a single end-to-end solution.