Volante Technologies has enhanced Volante Designer version 5.0 to support the Hadoop framework.
Integrating Hadoop functionality into Designer enables Volante clients to set up analytic conditions and feed data sets directly into a high-end analytical Hadoop environment of their choice.
Users can start the design, development and testing of a 'Big Data' analytical solution without having to pre-install a Hadoop engine or hire technical experts. This makes it easier to set up and analyse previously inaccessible large hybrid data sets stored in data warehouses, in a short timeframe with little upfront investment.
Using Volante and Hadoop, complex financial transaction data can now be blended with unstructured data sets (e.g. from website browsing, shopping carts, social media sites, images, etc.) to uncover new business intelligence. This can lead to greater understanding of customer behaviour, underpinning the development process for new product and service offerings.
Kevin McPartland, Greenwich Associates, says: “The last few years has brought with them a data explosion for financial services firms. While this new data can provide much needed transparency for an industry focused on risk management and finding the best price, consuming and processing this information from dozens of disparate sources is easier said than done. As regulatory reporting burdens have grown and required data sets become larger, tools to normalize and make sense of this ever increasing flood of data will only become more important."
Vijay Oddiraju, CEO, Volante Technologies, says: “It is our mission to take the complexity out of the adoption of emerging technology, evolving messaging standards, and changing protocols. Helping our clients access the power of Hadoop in a cost-effective way fits that mission.
“The explosion of unstructured data sets offers greater potential consumer and marketplace insights, and our clients need tools to help set up, process and analyse the data they collect. The additional complexity of working with tools like Hadoop presented a barrier to entry; we eliminate that barrier by integrating Hadoop tools right into our pc-based Designer product.”
Using Volante Designer, financial institutions and large corporates can normalise and merge the colossal amounts of transaction data they own in disparate financial data standard structures into the Volante-enabled Hadoop environment. This allows the analysis of different types of business flows including payments, trade finance, securities transactions and data scattered between core systems, counterparties and clearing agents, delivering added insight into the risk elements of the business.