Brings Cutting-edge Silicon Valley Virtual Data Warehousing to Wall Street
Synechron, Inc., the global financial services consulting and technology services provider, and Xcalar, Inc., the Silicon Valley-based Big Data analytics company, today announced the launch of an accelerator for building virtual data warehouses to help financial institutions with risk management and financial reporting. Financial institutions stand to benefit from a highly scalable data architecture and virtualized data processing capabilities to enable them to meet their daily reporting needs.
With increasing demand for analytics, financial institutions need to process complete datasets and perform calculations across a wide range of disparate data. Synechron and Xcalar have developed an accelerator for financial accounting to showcase virtual data warehousing, integration across various legacy systems, and calculation and data processing in a highly scalable way to meet the desired timelines. This joint solution is extensible, works with existing databases and data sources, and can be deployed on-premises or in the cloud.
Vikram Joshi, CEO and Co-Founder of Xcalar, said, “Synechron was able to draw on its specialist knowledge in financial regulation, risk management and engineering to develop a financial accounting solution that helps with regulation in capital and liquidity reporting. It combines data processing and virtualization capabilities to solve common issues with regulatory disclosures relating to processing of data from various legacy systems and feeds. We will be releasing additional models that look at other challenges in the financial services industry where our platform can add significant value.”
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Faisal Husain, Co-Founder and CEO of Synechron commented, “Businesses across all industries are struggling to bring legacy data assets together. The current approach of building vendor dependent warehouses is time intensive, expensive, and is unable to evolve and adapt as per the regulatory needs. Xcalar created a virtual data warehousing solution that allows businesses to run powerful real-time computing without moving their data. This makes it easier to gain near-term intelligence, facilitates setting up a data lake if desired, and provides sophisticated compliance and data lineage, which is critical for any financial services business case.”