Velocimetrics announced the successful implementation of an enterprise-wide data lineage proof-of-concept for a major European Bank. It is thought to be the first example of taking the lineage concept from ‘whiteboard’ to ‘real-world’ and the company is now adding it to its range of solutions.
The simple dictionary definition of data lineage is to be able to fully trace data ancestry or pedigree; to apply the idea to the millions of data points flowing through an enterprise in real-time. The company captures data in real-time, with minimal impact on clients’ underlying systems, precisely identifying its location, movements and where and when these movements occurred. Data lineage has inherent value in allowing crucial analytics to be applied to business flow ‘in-stream’ and fed into various business processes regulators now require.
Essentially becoming a new data source for banks and financial institutions, Velocimetrics’ solution is a first for real-time data lineage across the entire business stack. Without data lineage, institutions are fundamentally unable to track, predict or explain the exact relationships between data within their systems, which is crucial for many reasons, primarily compliance.
Driven by regulation BCBS 239, which is intended to strengthen banks’ risk data aggregation capabilities and internal risk reporting practices, the client had the goal of achieving an automated, intra-day reconciliation, correlation and trade netting system, but was already challenged to achieve T+1. The primary compliance requirement was to show completeness of reporting, but the project is already showing additional value for risk management and operational resilience. Previously the client had allocated large teams of people to work on correlation and corrections; there was a clear need to develop its technology, achieve automation and move from T+1 to intra-day.
Steve Colwill, CEO of Velocimetrics, said in a statement: “Having had ten years’ experience in delivering complex business transaction tracking solutions, we understand, better than most, how data flows and connects within a large enterprise. Our solution provides a unique view of data lineage in real-time which enabled the team to successfully develop and implement the proof-of-concept.”