Northern Trust Teams Up with FINBOURNE Tech to Boost Data Management with Data Mesh Backbone
In a strategic move aimed at enhancing its valuations and reporting capabilities, Northern Trust, a prominent asset servicer based in Chicago, has chosen FINBOURNE Technology as its preferred partner.
Following a thorough technology partner selection process, the firm is set to implement FINBOURNE’s cloud-native financial data management solution, LUSID, and the data virtualization engine, Luminesce. This decision aligns with Northern Trust’s broader digitalization journey, emphasizing a data mesh approach to enterprise data management.
Selecting FINBOURNE Technology was the culmination of a meticulous technology partner selection process for Northern Trust. The firm sought a partner that resonated with its client-centric approach and aligned seamlessly with its digital transformation strategy. FINBOURNE’s domain expertise and modern approach to data model extension and interoperability stood out during the evaluation.
The integration journey will be powered by the dynamic combination of FINBOURNE’s LUSID cloud-native Software as a Service (SaaS) solution and the Luminesce data virtualization tool. LUSID provides Northern Trust with access to a cost-effective and scalable data calculation and processing solution, while Luminesce plays a crucial role in loading data into LUSID.
This process enables rapid, efficient, and accurate validation and analysis through automation.
Nadia Ivanova, Executive Vice President and Head of Business Services and Asset Servicing at Northern Trust, expressed the firm’s admiration for FINBOURNE’s technology. Ivanova highlighted FINBOURNE’s domain expertise and modern approach to data model extension and interoperability, emphasizing Northern Trust’s commitment to enhancing the client experience through technological innovation.
Northern Trust is steering towards a data-driven future with the Matrix Data Platform serving as its new digital backbone. This platform, embracing a data mesh approach to enterprise data management, seamlessly aligns with Northern Trust’s broader digitalization strategy. The integration of FINBOURNE’s solutions, particularly LUSID, is poised to elevate Northern Trust’s service delivery to clients.
Luminesce, FINBOURNE’s data virtualization engine, will play a pivotal role in the integration process by loading data into LUSID. This ensures that Northern Trust can swiftly validate and analyze activity through automation, maintaining a high level of accuracy while improving efficiency.
The open API approach adopted by FINBOURNE ensures seamless integration between LUSID and Northern Trust’s broader data mesh platform. This interoperability is crucial for Northern Trust’s digitalization journey, allowing for a cohesive and integrated approach to data management.
By adopting FINBOURNE’s LUSID, Northern Trust gains access to a cost-effective and scalable solution for data calculation and processing. This cloud-native Software as a Service (SaaS) offering aligns with Northern Trust’s commitment to staying at the forefront of technological innovation while maintaining efficiency and cost-effectiveness.
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As Northern Trust embarks on this transformative integration journey, the firm envisions a future where client experience is further elevated through advanced technology. The implementation of FINBOURNE’s solutions is poised to position Northern Trust as a frontrunner in the evolving landscape of financial services.