Snowflake and Citi Reinvent Data Flows Between Financial Services
By Edlyn Cardoza
- Snowflake Financial Services Data Cloud
Snowflake, the Data Cloud company, and Citi recently announced a strategic initiative to reinvent the way data flows between financial services transactions to provide a seamless solution for post-trade processes across the industry. Snowflake’s financial services data cloud helps organizations like Citi accelerate revenue growth and drive innovation while mitigating risk.
The partnership brings together Snowflake’s powerful secure data sharing and multi-party authorization capabilities and Citi’s extensive market expertise with the industry-leading proprietary custodial network spanning more than 60 markets and its franchise of global markets, in the Cloud environment independent of Snowflake’s data cloud providers. This collaboration will provide a single solution for controlling data models and how end-to-end transaction data flows through an enterprise to meet the diverse requirements of global customers.
Additionally, customers in banking, insurance, FinTech, and investment management, among others in the financial services industry, can use Snowflake’s financial services data cloud to share and seamlessly access. data security to launch new customer-centric products and services, create the FinTech platforms of the future, and meet regulatory compliance requirements.
“This strategic partnership with Citi will address some of the most common data challenges facing today’s financial services organizations to enable them to drive innovation for their customers and grow their businesses.” said Matt Glickman, vice president and global head of the financial services industry at Snowflake. “Snowflake’s financial services data cloud can redefine data experiences for the financial services industry, so data is more connected and flows more seamlessly between industry transactions than ever before. “
“Obviously, if we were to start from scratch, we wouldn’t be designing market transaction data workflows as they operate today. In partnership with Snowflake, we strive to provide solutions to the challenge of multiple registrations across multiple systems and the associated costs and consequences of data reconciliation that hamper our customers and the industry today, ”said Okan Pekin, Manager Citi Global Securities Services.
“Citi has a proven track record in innovating and reimagining industrial processes in partnership with its Innovation Lab network and D10X programs. We fixed an industry issue regarding proxy voting and shared it with industry through Proxymity, ”said Chris Cox, Global Head of Data and Digitization for Citi Securities Services. “The vision for this initiative is to deliver a similar outcome and to provide the next generation of securities services to our clients and their counterparts. Snowflake integration with Citi’s VelocitySM The Clarity Data Platform can help deliver faster and more complete customer data – by adding the Snowflake channel option to existing real-time APIs and visualizations – and opening the door to other exciting possibilities.
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