Partnership helps buy and sell side institutions deliver on regulatory requirements through real-time capture of user behaviors
New York, NY – Glue42, the company that delivers simplified desktop experiences to financial institutions globally, has announced an implementation partnership with RocketFin Consulting. Rocketfin will help Glue42 extend its capabilities from classic interop into the world of business analytics, insight and process optimization. The partnership will enable financial institutions to reduce the complexity and costs associated with regulatory compliance – present and future.
Complying with transaction reporting requirements and the best execution framework introduced as part of MiFID II proved an expensive challenge for banks. The looming changes related to Consolidated Audit Trail (CAT) reporting will be similar. Behaviour mining offers a unique opportunity to capture, correlate and record real-time events originating from a person rather than an IT system. This technique significantly reduces the required investment to understand the context in which transactions occurred.
“Financial services organizations looking for ways to make regulatory compliance easier and less costly need to review their regulatory compliance technology strategy. Starting this journey from the breadcrumb trail of log data in the data center is difficult and complex. It also doesn’t give you a clear view about what the users were actually doing,” said Espen Skogen, Director and Co-founder, RocketFin. “Our view is that user behavior is best captured on the workstation – from where it is also easier to monitor the user and capture related details of all apps. This approach makes it quicker, easier and achieves better insight than the traditional approaches.”
“Behavior analytics has the potential to manage the future business practices of human knowledge workers in an evolving, robotics-driven and automated world,” said James Wooster, COO, Glue42. “Simply integrating desktop apps is not enough. Given that compliance enforcement tend to focus on the end users, then capturing desktop activites as part of an audit trail can help users remember the context of specific transactions. User behavior analytics should be part of every interoperability platform.”
In the near future, joint customers can expect improved support for common financial procedures and regulations, and extended capabilities from the Glue42 Insights product family.
To read more about the future of interop, see here. For more on user behavior analysis, read Rocketfin’s latest paper. Glue42, together with NORMAN & SONS and RocketFin will open the Fintech Festival 2019 in New York on November 13 to address these very topics.
Glue42 enables organizations to build intelligent desktops that support configurable workflows between web and desktop applications. Its integration platform seamlessly and securely orchestrates UI and data and leverages opensource initiatives such as FINOS FDC3 to reduce application delivery times and accelerate time to value. The company is based in London, New York and Bulgaria. With over 22K licenses, its solutions are deployed at tier one financial institutions across the world.
RocketFin is a financial services advisory and implementation firm formed by industry veterans from capital markets and core banking. They focus of the functions of trading, operations, regulatory compliance, technology and risk. The RocketFin senior team have decades of experience borne from marquis companies including JP. Morgan, UBS, Royal Bank of Canada, Bank of America, and the London Metal Exchange. The firm has offices in London, Toronto and New York and a near-shore delivery centre in Johannesburg focused on building technology solutions. RocketFin offers advisory and technical delivery services to sell-side, buy-side and FMI firms.