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July 8, 2009

Netezza, Patni team-up to provide data services to financial industry

To address the data management concerns of financial institutions

By CBR Staff Writer

Netezza and IT and business process outsourcing (BPO) services provider Patni Computer Systems have partnered to develop products for the financial services industry.

Patni and Netezza are expected to offer a series of services designed to address the data challenges of financial institutions. Paired with the Netezza platform, Patni’s suite of offerings would reportedly target financial institutions looking to improve data analysis and management within their operations.

Sumedh Methta, SVP and head of Patni’s financial services business unit, said: “Increased regulatory pressures coupled with a continually changing business landscape causes financial services organisations to face growing amounts of data. Patni and Netezza will deliver new solutions that will address the data management concerns for customers and enable them to focus on cost efficiencies, customer service and increasing revenue.”

The companies expect that the first product would be rolled out this summer.

Patni has earlier announced that its Asset Management Practice will be introducing nine industry services that are expected to help financial services organisations address technology areas including reporting systems, accounting systems, security systems, compliance systems, among others. The company’s Financial Control & Reporting Programme (FRP), offered by its asset management group, is a service designed to support the needs of buy-side firms with activities related to the compilation of the financial statements on a monthly, quarterly, semi-annual or annual basis.

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