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Velocimetrics Delivers Transaction Monitoring And Analytics, Giving Maximum Insight, Accuracy And Business Efficiency In True Real-Time

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Below is our recent interview with Nick Gordon from Velocimetrics:

Q: Could you give our readers a brief introduction to Velocimetrics?

A: We are the only vendor able to provide (financial) transaction monitoring and analytics, giving maximum insight, accuracy and business efficiency in true real-time. Our solutions offer a powerful mechanism for collecting and pre-processing the increasingly vast volumes of financial firms’ data – millions of transactions and billions of events are captured daily and collected at thousands of points.

Velocimetrics turns data into instantaneous, real, actionable business intelligence. Data can be obtained from virtually any source and almost any point in an organisation, making collection, correlation and analysis highly scalable and flexible. Velocimetrics has the capability to track all types of business data in true real-time, showing businesses exactly where every transaction has been at all times and how they relate to each other.

Q: You’ve recently announced an exciting new project around the concept of data lineage. Could you elaborate on this?

A: The definition of data lineage is being able to fully trace data ancestry or pedigree; we offer the capability to apply the idea to the millions of data points flowing through an enterprise at any one time in real-time, a true industry first. We recently announced a successful implementation of an enterprise-wide data lineage proof-of-concept for a major European bank.

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Q: What are the benefits of data lineage to a bank or a financial institution?

A: The significance of data lineage we provide can hardly be understated: Velocimetrics is unique in providing a complete, single view of business flow from front- to back-office, spanning highly-complex, disparate environments in granular detail. This is vital to any firm, as data lineage states where data is coming from, where it is going and what transformations it undergoes as it flows through multiple processes. What is often of primary concern, and was in this client’s case, was the growing prevalence of a series of regulations (like MiFID II and SFTR) that explicitly stipulate, at the threat of non-compliance and heavy sanctions, the need to be able to explain every aspect of the journey of each piece of data (for example a trade) through the entire business. Only with Velocimetrics can financial institutions truly achieve this and have full confidence in explaining their data in its entirety.

Q: Why Velocimetrics?

A: For Velocimetrics the collection of data across infrastructure, application and business levels is the relatively easy part, before we then provide connected business intelligence by correlating it all and allowing navigation through and across the different layers of data in real-time. For a number of clients, Velocimetrics regularly monitors up to 30 million events a day at 250 different data points, handling 7.5 billion events per day, with the capacity to handle many more. With complex, real-time analytics and microsecond analysis, Velocimetrics gives clients instant, high-quality information with virtually no impact on underlying systems. This is not the case with other solutions, where an external analytics solution relies on the data to be provided by the client’s systems. This takes time and is normally resource-intensive and subject to massive management problems in keeping it in synch.

Q: What makes you the best choice?

A: Unlike post-event analytics, the norm among financial firms today, Velocimetrics brings data quality issues relating to countless metrics to clients’ attention in near real-time before they develop into critical and potentially ruinous incidents. This represents an unprecedented shift in the power clients have to limit the impact of an issue on their business and to utilise the wide-ranging, instant insights.

Q: How do you bring clients a single, complete, real-time view of their entire business flow?

A: This is best demonstrated, I think, through two of our case studies, as these show the real-world, tangible benefits our solutions afford to clients, as well as the significant bottom-line savings:

Case study 1: turning losses into profits
A bank was experiencing poor trading performance which couldn’t be explained. Using Velocimetrics, it precisely identified the issue and so the client switched to a faster provider. As a result, the division quickly went from loss-making to generating a significant profit. Without access to the real-time, highly detailed, actionable insights Velocimetrics provides, the client would probably have been unable to isolate the source of the issue and would certainly have required more resource allocation to attempt to do so, resulting in poorer performance.

Case study 2: identify the cause of a problem
One of the largest banks in the US had a major issue in locating its payments following a systems outage and having to explain this to their largest customer. The impact on their business credibility was enormous. With Velocimetrics, it was able to immediately determine the precise location of its payments and mitigate the outage’s negative impact. Because of its ability to monitor individual payments and access all business data, Velocimetrics’ technology empowers clients to inform all relevant parties of the exact details of any meaningful changes or faults relating to specific transactions.

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Q: How has your solution changed in the past 12 to 24 months?

A: In 2018 we announced a new version of our product suite, VMX EndToEnd (VMX), bringing improved functionality in several key areas. This included enhancements to our analytics engine and visualisation – a 20% boost in throughput, a doubling of capacity, and integrated business and network analytics, allowing business processing issues to be traced to the underlying technical infrastructure. Performance improvements to the web UI also brought greater responsiveness and a richer, more interactive overall experience for clients.

In June we launched VMX Version 9. While we were already at the forefront of the industry, this new update has unique features: it’s the only service to aggregate and connect data from all levels across the enterprise to give a single, connected view of an organisation’s business flow. The release supports multiple operational use cases on a day-to-day basis for a wide range of business and operational functions, from quants and heads of desk to risk management/surveillance and operations/network teams.

Q: How do you see the financial services industry progressing and what are your future plans?

A: The need for data lineage, the ability to capture the complete, end-to-end lifecycle of business transactions, will undoubtedly grow in scale and urgency as we believe it is one of the central questions surrounding the future of digital business. With advancements in data science technology and increases in the huge volumes of data needing to be captured, collected and analysed in this industry, there is no hiding form the urgent need for complete operational oversight.

There is no longer any hope for the manual processes we still see in siloed, outdated enterprise systems to be able to enable the level of control that institutions require. We exist to help these firms keep a handle of the complex environments financial services operate in, and isolate loss-creating, potentially ruinous errors and anomalies as well as rectify them while remaining compliant. This approach also provides invaluable business intelligence. In terms of future plans, with an already strong presence in Europe, Asia and North America, we are of course looking to expand our offering and network of clients internationally. After all, the problems and trends outlined here are global ones, and ones we are excited to continue to solve as they come to the fore.

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