CIO Influence
CIO Influence News Cloud Financial Services

Snowflake and Citi Securities Services Re-Imagine Data Flows Across Financial Services Transactions

Snowflake and Citi Securities Services Re-Imagine Data Flows Across Financial Services Transactions

Snowflake, the Data Cloud company, and Citi announced a strategic initiative to re-imagine how data flows across financial services transactions to provide a frictionless solution for post-trade processes across the industry. Snowflake’s Financial Services Data Cloud helps organizations like Citi accelerate their top-line growth and drive innovation while mitigating risk.

Recommended ITech News:  First PCI Express 5.0 M.2 Interposer for SSD Protocol Analysis

“This strategic partnership with Citi will address some of the most prevalent data challenges faced by today’s financial services organizations in order for them to drive innovation for their customers and grow their business”

The partnership brings together Snowflake’s powerful secure data sharing and multi-party permissioning capabilities and Citi’s extensive market expertise with the industry-leading proprietary custody network spanning over 60 markets and its top global markets franchise, in Snowflake’s Data Cloud provider-agnostic cloud environment. This collaboration will offer a unique solution to control data models and how end-to-end transaction data flows across a business to meet the diverse requirements of global clients.

Additionally, banking, insurance, fintech, and investment management customers, amongst others in the financial services industry, can utilize Snowflake’s Financial Services Data Cloud to securely share and access data to help launch new customer-centric products and services, build fintech platforms of the future, and satisfy regulatory compliance requirements.

Recommended ITech News:  Stairwell Unveils Its Flagship Product, Inception, Built to Outsmart Any Attacker

“This strategic partnership with Citi will address some of the most prevalent data challenges faced by today’s financial services organizations in order for them to drive innovation for their customers and grow their business,” said Matt Glickman, VP and Global Head of Financial Services Industry at Snowflake. “Snowflake’s Financial Services Data Cloud can redefine data experiences for the financial services industry, so data is more connected and flows more seamlessly across industry transactions than previously possible.”

“Clearly, if we were to start afresh, we would not design market transaction data workflows in the way they function today. In partnership with Snowflake, we are striving to provide solutions to the challenge of multiple records across multiple systems and the associated costs and data reconciliation consequences that hinder our clients and the industry today,” said Okan Pekin, Global Head of Citi Securities Services.

​​“Citi has a proven track record in innovating and reimagining industry processes in partnership with its Innovation Lab network and D10X programs. We solved an industry problem around proxy voting and shared this with the industry via Proxymity,” said Chris Cox, Global Head of Data and Digitization for Citi Securities Services. “The vision for this initiative is to provide a similar outcome and deliver the next generation of securities services to our clients and their counterparts. Integrating Snowflake with Citi’s VelocitySM Clarity data platform can help to deliver faster, more complete client data – adding the Snowflake channel option to existing real-time APIs and visualizations – plus opening the door to some other interesting possibilities.”

Recommended ITech News:  Nightfall Appoints Tim Gunderson as Chief Revenue Officer

Related posts

Trust Stamp Partners With Scurid to Deliver AI-powered, Highly Secure In-Field Authentication

GlobeNewswire

C Spire Completes Construction Of 225-mile Fiber Optic Cable Route Along Gulf Coast

CIO Influence News Desk

Oregon Department of State Lands Chooses VIP and Infor to Increase Productivity and Efficiencies

PR Newswire

Leave a Comment