Pamela Pecs Cytron, CEOCapital market plays an important role in mobilizing financial resources and diverting them into productive channels. During the last two decades, capital markets industry has spent billions on global financial network, created countless new asset classes, and passed a nearly indecipherable web of regulations to manage it all. However, even the largest and most sophisticated players do not have an immediate and aggregated view of securities inventory to know in the moment what they own, how much they own, or where the counterparty risk lies. “The economic crashes—the Madoff fraud, the ‘London Whale’ case at JP Morgan—are all wake-up calls that have been ignored. Even top executives admit they can’t immediately see the exposures of their own institutions,” says Pamela Pecs Cytron, CEO of Pendo Systems.
This ecosystem necessitates a need to bring together key information quickly and effectively. “Nowadays, the inability to have access to the most valuable data in the capital markets enterprises remains as an obstacle in their systems, which is complemented by people, pivot tables, and legacy applications,” adds Pamela.
Having a “common sense” approach to this complex issue is the Montclair, NJ-based global financial services provider, Pendo Systems. The company adopts Big Data technologies to quickly assemble diverse data into a meaningful model. “Our solid data model, that leverages linked data, search technology, and probabilistic modeling, helps organizations capture and correlate the information to provide a central view,” says Pamela. The company embraces simple API’s that support accessing the data from tools like Excel and Tableau as well as from third-party applications, using standardized OAuth (Open standard for authorization) security.
The Balancing Act with Extropik and BasisPoint
Pendo Systems was formed with a mission to offer a powerful accounting platform. “The company currently responds to the growing need of investors, customers, and regulators and helps them restore confidence in the transparency of the financial market. We assist to coordinate and update data from measuring to predicting risk, managing collateral and liquidity,” says Pamela. The company’s well-designed solutions, Extropik and BasisPoint are designed to meet the burgeoning and ever changing needs of financial organizations.
Extropik, Pendo’s newly launched product, is the industry’s first global inventory and data transformation intelligence platform. The solutions extracts data to create an intelligent one stop core integrated Investment Book of Record (IBOR) utility for the financial sector. The product helps to deliver improved forecasting, risk management, and data governance.
On the other hand, BasisPoint is a fully-integrated global investment accounting solution and fund administration system that services multiple financial verticals with a comprehensive solution for aggregated position record-keeping. The product is designed from the ground up to accommodate complexities of the modern trading environment with the unique ability to go beyond just accounting to deliver an aggregate view of live position data independent of jurisdiction, line of business or asset class.
Providing “Bird’s Eye View” of Data
Pendo Systems provides fund administrators “bird’s eye view” of their data within a day.
We respond to the growing need of investors, customers, and regulators and help them restore confidence in the transparency of the their financial data
“We envisage the ability to deliver on-demand services in the cloud for customers to access imperative information without having the overhead difficulty of the sending data, and reports,” says Pamela. A fund administrator can now consume the data for the customers and give them the single view of their entire business.
Pendo Systems has embraced the tools that are transforming technology across a range of industries. Starting with a rich metadata focus and leveraging semantic web, the company has invested millions in solving the problems of bringing diverse data together to build an observation layer over an organization. “This means that the days of disconnected mapping of data can be handled with a rich layer that is able to learn your data,” explains Pamela. The company automatically loads data—providing authorized users with a single view of data across the enterprise. This power is fully automated for most database formats and automatically creates a new taxonomy being ready in a few days. “In addition to the unique data unification index, we apply advanced business logic engine that is populated using simple declared statements, similar to a spreadsheet formula,” says Pamela. New business requirements can be layered on top of data that presently resides within legacy systems. This new logic provides a fast and flexible method to implement functionality that is not yet available in the organization’s production environment. Now, users can access production data, including new information created or enhanced by the logic engine, through a browser or a rich java desktop client. Further, the company supports an open API structure eliminating an “one size fits all” approach, where integrating semantics and linked data tools eradicates the expensive and time-consuming Extract, Transport and Load (ETL) and Data Warehousing project.
Designed for the Future
Pendo is setting up a foundation for rapid application development, giving customers the advantage of monetizing the data vs. spending all of the time with heavy administrative data oversight. “We endeavor to not only assist our customers pull off their business objectives and goals, but also to throw in to the triumph of individuals, businesses, and communities all through the planet. This makes us completely unique in the market,” says Cytron.
In the imminent years, Pendo Systems is looking forward to embrace and leverage their financial appliance, Extropik that will help then in providing a holistic view of the dark data, held hostage throughout the enterprise. “Leveraging this data, we want to provide our clients with platform and tools that improve their own business models, decrease costs, while help them achieve fast ROI,” concludes Pamela.