March 8, 2011, Inside Reference Data – Waters Technology

“In New York, start-up company Joss Technology is working on creating a “Facebook for banks.” Each entity will have a profile and upload settlement instructions and other operational information. “The company decides which counterparties to share the information with—they tell their “friends” or connections about it,” says Olivier Schlatter, co-founder and managing partner, Joss Technology, who explains that the social network analogy helps describe the concept of collaboration and data sharing, not how Joss handles data privacy and security.

For Joss, it is about creating a utility for a specific data type, which is where many professionals see the market going. Market participants were initially debating the viability of having an industry utility for skinny data records, but an all-encompassing public utility will not be created overnight. The interest in the topic has instead led to the word ‘utility’ being used more frequently in the industry in general.”