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Northern Trust and EDS Enhance Data Sharing for Investment Data Science
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Northern Trust (Nasdaq: NTRS) has partnered with Equity Data Science and Snowflake to enhance secure data sharing for Asset Servicing clients. This collaboration utilizes Snowflake’s Financial Services Data Cloud, streamlining what was previously a manual data exchange process. The initiative aims to achieve client onboarding within 24 hours, significantly reducing time delays. Additionally, the technology allows for agile data updates tailored to client needs, marking a notable advancement in the industry.
Positive
Collaboration with Snowflake enhances secure data sharing for Asset Servicing clients.
Aims for frictionless onboarding of new clients within 24 hours.
Technology simplifies data updates, increasing agility and responsiveness to client needs.
Negative
None.
Collaboration with Snowflake Optimizes Data Management Via Cloud-Native Technology
CHICAGO--(BUSINESS WIRE)--
Northern Trust (Nasdaq: NTRS) and Equity Data Science (EDS) have collaborated with Snowflake, the Data Cloud company, to enhance secure data sharing and onboarding for Asset Servicing clients using Investment Data Science capabilities.
Leveraging Snowflake’s data sharing and cloud technology, Northern Trust and EDS can provide a better, faster and more secure experience for Investment Data Science clients. Snowflake’s Financial Services Data Cloud enables sharing on a single, integrated platform, optimizing what had been a manual process dependent on physically extracting and delivering data files.
“This is game-changing technology that replaces the old way of exchanging data,” said Paul Fahey, Head of Investment Data Science at Northern Trust. “Clients will have access to data insights that accelerate speed to market in ways that previously didn’t exist. Our goal is frictionless onboarding of new clients within 24 hours, and Snowflake’s Data Cloud puts that within reach.”
Beyond offering a faster and more secure experience, the collaboration with Snowflake allows Northern Trust and EDS to quickly update or change data elements and layout, making the solution agile and attuned to individual client needs.
“Our data science solutions paired with Snowflake’s leading data sharing and privacy capabilities give clients access to data insights at new levels of security and speed,” said Greg McCall, President of Equity Data Science. “An offering of this standard is new to the industry and has the power to change how institutions harness their own data.”
“We are pleased to support Northern Trust and Equity Data Science as they leverage Snowflake's Financial Services Data Cloud to further Investment Data Science across the financial services industry,” said Matt Glickman, VP and Global Head of Financial Services at Snowflake. “Northern Trust joins a growing list of marquee names in the industry adopting Snowflake to help them thrive in the new data economy, while continuously maintaining security and governance standards in this competitive environment.”
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 22 U.S. states and Washington, D.C., and across 23 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of September 30, 2021, Northern Trust had assets under custody/administration of US$15.8 trillion, and assets under management of US$1.5 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Please visit our website or follow us on Twitter.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Please read our global and regulatory information.
