FAME Information Services, the provider of historical and reference data, says that Belgian bancassurers KBC – formed in 1998 by the merger of Kredietbank, CERA Bank and the ABB insurance company – have bought FAME’s ReferencePoint reference data management solution. FAME will customize and implement the solution at a fixed price and to a set timetable.
“The operational risk inherent in market, reference and corporate actions data is an issue of critical importance for many business functions within financial institutions,” says John Wallis, Head of European Sales for FAME. “ReferencePoint is a complete solution for creating a cleaned, validated, ‘golden copy’ data set for an organization or business function.”
At KBC, FAME’s ReferencePoint solution will integrate multiple data sources, including Reuters and Bloomberg Data License, and cleanse them using the standard routines of ReferencePoint (some of these routines were customized to KBC’s requirements as part of the implementation process.) ReferencePoint will then feed clean data automatically into multiple internal systems.
“From a purchaser’s perspective one of the most interesting aspects of this announcement is the implementation philosophy of FAME,” continues Wallis. “FAME provides implementation as part of the solution. Because ReferencePoint is our product, and we have over 20 years experience in this market we’re able to offer a fixed-price, fixed-delivery date solution.This removes a huge project risk and is a very attractive proposition for our clients.”