Dutch bank ABN Amro has implemented Assure from PaceMetrics, a provider of process-driven enterprise data management (EDM) solutions, to manage data across all asset classes. Assure will enable continuous management of pricing and reference data, including data cleansing and distribution to a large number of downstream systems and departments.
The first and second phases of this implementation have now been completed. Assure has enabled ABN Amro to cleanse high volumes of data with resources. In addition, PaceMetrics’ lean data model, which models and monitors only the data being used, has significantly reduced both time to market and maintenance costs for the bank.
Deployed at ABN Amro’s headquarters in Amsterdam, Assure speeds up the adoption of new financial instruments. It provides a full audit trail of all data cleansing activity, as well as data quality indicators for all instruments. Financial instruments covered include foreign exchange (FX), interest rates, curves, volatilities and inflation products. This group will soon be expanded to also include bonds, derivatives, commodities, futures and extensive Basel II information.
Gerry Giblin, chief executive officer (CEO) of PaceMetrics, said: “With this implementation, ABN Amro has achieved a fully integrated approach to EDM, which is already generating tangible business advantages, in terms of reduced costs and increased productivity. The transparency, auditability and extensive data coverage provided by Assure will also give the bank true confidence in its data, which is essential in today’s market with its increasing regulatory demands.”
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