Spanish banking group Banco Bilbao Vizcaya Argentaria (BBVA), has contracted with Asset Control for a project to centralise quality control of investment pricing and reference data enterprise-wide.
The proposed system will provide a central data repository, consolidating third-party vendor feeds and internal data output, and will ultimately replace a number of decentralised databases.
The first phase of the risk management project is scheduled for completion this month. Geographic rollout will begin in Spain, and extend to Europe and then Latin America.
Ger Rosenkamp, CEO of Asset Control, comments: "We think it is significant that BBVA, like other new customers, plans to progressively leverage a risk project into an enterprise data quality control initiative. This reflects the rising industry awareness that centralised data control is critical to meeting to many business challenges."
The Asset Control service aggregates multi-sourced data, validating, cleansing and consolidating it into a composite 'Golden Copy' set.
The Dutch company says it will unveil another contract with a major French bank at the Swift international banking and operations seminar (Sibos) in Geneva next week, and announce new data vendor support for ACDEX, the outsourced service. Asset Control is also planning to announce a new business alliance with a bank and another technology firm that will put ACDEX in the middle of the trade-matching and Web-access-to-data businesses.