PwC, provider of industry-focused audit and assurance, consulting and tax services, announced that it would be entering into a new business partnership with Pneuron Corporation, who specializes in breakthrough technology to global enterprises. The two companies will combine talents to provide brand new data solutions for financial companies.

“Combining the Pneuron platform with PwC’s deep experience draw from helping global financial institutions comply with FATCA is a natural combination,” said Miles Everson, financial services advisory leader, PwC. “Pneuron leverages our knowledge and allows us to help clients meet their pressing regulatory compliance and data analytics business needs.”

Pneuron offers everything from business as a service to application modernization. The company said its objectives are to achieve targeted 50 percent improvement in time to market and cost versus traditional application development, integrate traditionally stove piped legacy, connect business and technology services and align and connect value chains to create new products. Together with PwC, the companies plan to release a suite of solutions that will address issues some companies have with the extraction, normalization and reporting of data.

“This is ground-breaking, game-changing technology for the financial services industry,” said Pneuron CEO, Simon Moss (News - Alert). “We can take data from any source or legacy technology and make it globally available, reliable and interoperable with any other source or technology. This fundamentally changes the playing field of enterprise business competiveness.”

Steven Crosby, PwC, America’s wealth leader, agreed, adding that these new products will address concerns that both companies’ clients have faced in the past and help to offer better services.

“Our clients are facing escalating costs and risk as they try to bring together a range of proprietary and competing data and information silos to comply with increasingly complex business and regulatory challenges,” said Crosby. “This new platform will pave the way for operational efficiencies and better business intelligence while helping institutions more effectively manage their risk and compliance obligations.”

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