A new entrant into the fintech space is focusing on how financial institutions collect and distribute the massive amounts of data they must process every day, with the aim of helping them achieve equally substantial savings in time, money and people resources that can be reallocated into actually building and innovating their businesses.
FyleHub is a data aggregation and distribution platform that eliminates the creation, monitoring and maintenance of complex and highly inefficient data transformation and batch processes that so many financial institutions are burdened by. Using a secure, compliant, and cloud-based solution, FyleHub enables the onboarding timeline for new data infrastructure to be drastically reduced from the months it often takes, saving hundreds of thousands of dollars in implementation costs.
“Our goal is to provide immediate ROI to our clients,” says FyleHub CEO and founder Soumitra Bajpai (pictured). “At its heart, FyleHub represents the next generation of operations technology, including back-office accounting and peripheral systems. We specifically focus on gathering and distributing feeds from various counterparties, brokers, and financial institutions, thereby eliminating the multiple FTP sites, emails and website scraping that so many organisations have to wrestle with. Those processes can be a nightmare for financial firms and a major drain on resources. FyleHub solves for that.”
Currently, financial institutions typically have thousands of separate FTP sites that they use to send and retrieve the massive amounts of data they must process each day. They must build and maintain those interfaces, which can often take months and countless hours of staff time to implement. Many organisations spend 25 – 40 per cent of their resources on maintaining these highly inefficient legacy data management processes. FyleHub centralises this process and immediately provides a single point of contact for data distribution and collection.
“The amount of money, human resources and time wasted on legacy data management processes is truly monumental,” Bajpai adds. “With FyleHub, we act as the intermediary that so many financial institutions have been looking for. All of their data can safely channel through FyleHub. Our clients don’t need to develop systems to monitor the status of their files anymore. We provide a client dashboard that tracks all of that. A small hedge fund can easily see savings of between USD100,000 to USD200,000 a year with FyleHub. With larger organizations, the savings can be much more.”
