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Northern Trust partners with FINBOURNE Technology

Friday 1 March 2024 13:52 CET | News

US-based Northern Trust has selected FINBOURNE Technology in a bid to advance the former’s digitalisation efforts.

 

Following a rigorous selection process for a technology partner, the Chicago-based firm has chosen to leverage FINBOURNE’s cloud-native financial data management solution, LUSID, along with its specialist financial data virtualization engine, Luminesce. This decision aims to modernise Northern Trust's valuations and reporting functions, thus improving service delivery to its clients. 

Northern Trust has specified requirements for a technology provider that can support the modernisation of its valuation and reporting capabilities while seamlessly integrating with its broader digitalisation efforts. This includes adopting a data mesh approach to enterprise data management, facilitated by the Matrix Data Platform serving as their new digital centrepiece. 

By leveraging FINBOURNE’s cloud-native Software as a Service (SaaS), Northern Trust aims to access cost-effective and scalable data calculation and processing solutions. This move could enable the firm to modernise its technology strategy, maintain high-quality service for clients, and improve its service and delivery capabilities over time. 

Using FINBOURNE’s Luminesce, data will be loaded into LUSID, allowing users to efficiently validate and analyse activities such as valuations or restatements through automation. FINBOURNE’s open API approach enables seamless integration between LUSID and Northern Trust's broader data mesh platform, facilitating near real-time presentation of valuations and other key data with the aim of improving the speed and efficiency of service delivery to clients. 

In the company press release, officials from Northern Trust Corporation expressed admiration for FINBOURNE’s domain expertise and modern approach to data model extension and interoperability, aiming to improve customer experience via new technologies. 

They also emphasised their focus on democratising data to unlock meaningful value for clients, with FINBOURNE’s LUSID platform playing an important in this broader digitisation strategy. In turn, officials from FINBOURNE Technology welcomed Northern Trust as a client and revealed that they look forward to supporting them in future-proofing their data strategy.

 

US-based Northern Trust has selected FINBOURNE Technology in a bid to advance the former’s digitalisation efforts.

 

Other developments from Northern Trust 

In July 2023, Northern Trust partnered with NUS Computing and NUS AIDF for a series of blockchain-related research and industry development initiatives.  

The three entities worked on a series of initiatives that will support efforts to define the future of blockchain for institutional investors. Specifically, they pooled their efforts for a joint research project on ‘Custody in the age of digital assets’, which addressed various methods for maintaining possession and control of digital assets on third-party blockchains. The research also analysed different ways for clients to achieve a real-time view of assets across digital and traditional markets. 


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Keywords: partnership, digitalisation, financial services, data protection
Categories: Fraud & Financial Crime
Companies: Northern Trust
Countries: United States
This article is part of category

Fraud & Financial Crime

Northern Trust

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