Tag Archives: ACORD
In my previous blog on this subject, I talked about the incredible innovations of Hadoop as a new analytics engine, and the innovations of Informatica in removing un-maintainable and complex hand-coding. In this blog I want to drill into the world of Informatica ETL and Hadoop in order to show why these two innovations are critical to augmenting traditional data processing approaches as companies begin to look at leveraging Big Data for new analytics. (more…)
Hear from Informatic’s Karen Hsu on the new ACORD certified Information Management solution that helps insurance organizations drive customer-centricity.
For more on this see: Master Data Management and ACORD Standards: Synergies and Considerations
Today Informatica announced that, “an increasing number of insurance companies rely on Informatica to address their unique challenges of integrating disparate data from a multitude of channels including adjusters, brokers, service providers, underwriters and other related parties.” I thought that two points were worth highlighting here:
A Webinar Series with Aite Group and Informatica
Informatica, Aite Group, and Financial industry thought leaders just launched a series of webinars on hot trends in Insurance, Banking and Capital Markets. The issues by industry include:
- Master Data Management has become critical to customer retention and effective cross selling and upselling
- ACORD based integration is critical to the success of Master Data Management because of the increased adoption of ACORD internally to integrate data from disparate systems into an MDM hub
- In Wholesale Banking:
- Payments infrastructure is getting increasingly complex due to mergers, increasing payment channels and types
- Payments integration, as a result, is becoming increasingly important to integrate the new payments hubs with legacy systems that will continue to operate or exist from pre-merger days (more…)
With the global economy, financial standards and formats have proliferated. These standards enable organizations to accelerate, reduce costs, and ensure security of communicating critical financial information. In a survey conducted by AFP of banks and corporates who use BAI for critical cash reporting functions, “An overwhelming majority (84 percent) of corporate respondents would like the format and implementation guide standardized across all banks.”
But supporting one standard like SWIFT or BAI can mean creating hundreds of mapping rules with tens of validations, taking on average 3-4 weeks of development and testing. Compounding this problem is each standard changes every year, with some standards making hundreds of changes. Each change requires rigorous impact analysis, along with the actual development and testing time. If your organization can’t keep up with the speed of these changes, you risk penalties, failed trades or payments, and customer dissatisfaction. And all of this is for one standard. If you or your customers and partners support more than one standard, you need to somehow manage multiple standards, versions of standards, and conversions between versions of standards. Finally, getting this data (often coming from outside your organization) in all these different standards into your internal systems with all their formats is one of the biggest and most time consuming challenges. This delay can cost organizations 8% in annual revenue.
Today we announced Informatica Cloud Summer 2010. Powered by the Informatica Cloud Platform, customers and partners can build and share custom integrations for applications such as Salesforce, Oracle, SAP, Microsoft, Xactly, Right 90, Big Machines and numerous others. Informatica Cloud Summer 2010 extends this capability by introducing pre-packaged data quality and B2B data transformation plug-ins building towards our vision of a data integration marketplace. (more…)