PwC US partnered with Pneuron Corp. to enable financial institutions to integrate and package multiple legacy data
sources or applications in a more efficient and cost effective way than
traditional or interim solutions provide. The tools enable mapping of diverse
and distributed points of value, data, or functionality without intermediary
technology or database development.
"Combining the Pneuron platform
with PwC's deep experience drawn from helping global financial institutions
comply with FATCA is a natural combination," says Miles Everson, financial
services advisory leader, PwC US. "Pneuron leverages our knowledge and
allows us to help clients meet their pressing regulatory compliance and data
analytics business needs."
PwC and Pneuron's first product in
a planned portfolio of solutions will address data extraction, normalization,
and reporting-challenges that plague the financial services industry.
Specifically, the product will help organizations meet a number of the
requirements for the Foreign Account Tax Compliance Act (FATCA), such as
pre-existing account due diligence. Additionally, other Pneuron risk and
compliance offerings aimed at the legal entity identifier (LEI), fraud and
anti-money laundering (AML), operational productivity, credit risk and customer
"golden copy" structures are underway with PwC.
"Our clients are facing
escalating costs and risk as they try to bring together a range of proprietary
and competing data and information silos to comply with increasingly complex
business and regulatory challenges," says Steven Crosby, PwC Americas wealth
leader. "This new platform will pave the way for operational efficiencies and
better business intelligence while helping institutions more effectively manage
their risk and compliance obligations."
"We can take data from any source or legacy technology and
make it globally available, reliable and interoperable with any other source or
technology," says Pneuron CEO, Simon Moss
[This article was posted on July 30, 2012, on the website of ABA Banking Journal, www.ababj.com.]