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New Fintech Regulatory Compliance Product Leverages “Fast Data” In Quest to Save Banks Billions on Fines

Today Lightbend ISV Partner, Gluetech, announced the general availability of a new real-time financial services regulation compliance product, Dataprobe. Dataprobe is the first ISV solution built on top of Lightbend Fast Data Platform -- taking the guesswork out of compliance, with end-to-end data transparency and real-time operational efficiencies.

Banks Are Losing the Data Compliance Battle

Since the 2008 financial crisis, banks in the United States alone have paid more than $160 billion as fines, penalties and settlements for non-compliance of regulations. New regulatory requirements with CCAR, BCBS2, GDPR and MiFID add to the challenge of self-auditing all of a bank’s data resources to ensure compliance.

Most financial services firms are unprepared to deal with these increased regulations in a sustainable way. For many, the manual, spreadsheet-driven audit processes that once worked are no longer adequate methods for maintaining compliance. Both the volume and speed of data--thanks to real-time use cases around blockchain, mobile banking, etc.--demand a more audited self-auditing solution.

In order to gain true end-to-end control over their data and thus achieve compliance faster and more reliably, financial firms need a comprehensive solution that has both 1) knowledge of the operational environment in which the data is being stored and processed and 2) knowledge of the end-to-end business process. Furthermore, any solution must be comprehensive, fully automated, non-intrusive, and certifiable.

Introducing Dataprobe:  “Like FedEx(r) for Data Traceability”

Dataprobe is a new financial industry solution by Gluetech designed to solve end to end data traceability for achieving regulatory compliance, and providing a single view of data integrity across processes. 

“Dataprobe provides tamper-proof evidence that all data assets are being reliably tracked to their destination leveraging AI and blockchain,” said Peter Bals, CEO of Gluetech. “Unlike traditional ‘lineage’ tools, it delivers a provable roadmap tracing data back to its original source based on a given business process within and across organizational boundaries and that in real-time.”

With dataprobe from Gluetech, financial firms can achieve regulatory compliance faster and more reliably thanks to real-time data traceability. This results in a number of tangible business benefits, including:

  • Fewer fines and penalties for non-compliance
  • Ability to capitalize on opportunities faster with real-time data insights and predictive machine learning patterns
  • Productivity gains thanks to automated processes that free staff to focus more on
    revenue generation

The First ISV Solution Built on Lightbend Fast Data Platform

Dataprobe is the first commercial solution built with Lightbend Fast Data Platform -- the first end-to-end platform specifically for designing, building and running streaming data applications. Designed by the team that created the Scala language and popular Reactive technologies like Akka and Play Framework, Fast Data Platform brings to Gluetech application responsiveness, resilience and elasticity to handle the range of streaming data use cases in the financial services industry.

“For banks, streaming data imposes a new set of regulatory challenges,” said Mark Brewer, CEO at Lightbend. “Datasets are now never-ending. Jobs that process these datasets can run for months or years. Workloads often spike unpredictably but applications must always be responsive -- and there are billions of dollars to be saved with a solution like Gluetech that can withstand the rigors of modern data flows and answer the bell for any audit.”

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