In the News
- New York Software Firm Cleanses Counterparty Data
October 11, 2011, Securities Technology Monitor - SourceMedia
"Clients have the ability to define their own rules on how master records should be constructed: it is for example possible to tell the system to pick the entity name from the back office system if the entity is a bank in the US or from the data warehouse if it is a corporation in Europe".
"At that point, the usual cleansing solutions will generate a large spreadsheet reporting thousands of records that should be changed.," explains Olivier Schlatter, managing principal of Joss Technology, who co-founded the firm in 2010. Schlatter was previously a project manager for Rabobank. The other co-founder is Julien Serdaru, a former research engineer with Dassault Systems.
Joss Technology takes a different approach: instead of leaving the clients with a report, the company partners with banking system vendors to propagate the adjustments into the receiving applications. The company views the data reconciliation process as an on-going task that should be run on a frequent basis to guarantee best results.
- Joss Technology Prepares for LEI with 2012 Utility Release
September 8, 2011, Inside Reference Data - Waters Technology
Joss Technology’s upcoming utility release addresses the data management challenges its clients are facing as they await the LEI. "Firms are looking to collect their business entity data from their various systems, so they need the tools to do the cross referencing, indexing and matching process as well as the quality analysis," says Schlatter.
While the company’s platform, Joss Entity Data Management System, already automates LEI data processes, the data utility hub for operational data will allow users to share information and obtain core data directly from counterparties.
"Being able to do this will give financial institutions the chance to focus on internal aspects of the counterparty data, including compliance, risk, custom attributes and internal identifiers, while validating the data," says Schlatter, adding that users will also be able to define quality metrics and monitor those over time as they resolve issues based on the interactive dashboard.
- It's Good to Share
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."
- Start-Up Vendor to Create Entity Data Utility with Trade Break Contact Details
February 8, 2011, Inside Reference Data - Waters Technology
"Joss Technology, a data management software vendor founded in 2010, is planning to launch an entity data utility to help users improve efficiencies when dealing with trade breaks.
The company has created a platform, Joss Entity Data Management System, to automate entity data processes, and the next step is to develop a data hub that can link to the platform and allow users to share information."