PwC has announced a business relationship with Pneuron Corporation. The two companies will partner to offer data solutions to financial institutions.
“Combining the Pneuron platform with PwC’s deep experience drawn from helping global financial institutions comply with FATCA is a natural combination,” said Miles Everson, financial services advisory leader, PwC, said. "Pneuron leverages our knowledge and allows us to help clients meet their pressing regulatory compliance and data analytics business needs.”
“This is ground-breaking, game-changing technology for the financial services industry," Pneuron CEO, Simon Moss (News - Alert) said. “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."
The applications for this partnership include data extraction, normalization and extracting reports from that data. The solutions will be deployed with an eye toward helping institutions comply with laws such as the Foreign Account Tax Compliance Act. Clients will be able to complete their required due diligence easily. The partnership will also provide tools to detect fraud and money laundering, as well as help with legal entity identification, identifying credit risks, operational productivity and customer “golden copy” structures.
“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,” Steven Crosby, PwC Americas wealth leader, said. “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.”
“There are three universal truths in banking technology: information proliferates; data becomes increasingly important; and firms’ technology infrastructures only become more complex as products proliferate and banks support a greater number of geographies,” Larry Tabb, CEO of the TABB Group, said. “In this age of regulatory scrutiny, it’s increasingly necessary for firms to access and report quickly on data from all around the organization. Without these capabilities it will become difficult to properly manage the business and stay out of the regulators’ crosshairs.”
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Edited by Rachel Ramsey