Primatics Financial Tackles Financial Institutions’ Loan Data Challenges with New EVOLV® Smart Data Solution
Vertical Market Solution Supports Growth, Compliance and Decision-Making Needs
McLean, VA - March 18, 2015 - Primatics Financial, a leader in integrated risk and finance solutions, today announced its new EVOLV Smart Data Solution, designed to tackle the pressing loan data challenges facing financial institutions today.
Many financial institutions continue to perform loan portfolio functions outside of the core processing system, utilizing practices like spreadsheets, data extracts and manual processes and entries that leave institutions exposed to significant risk. The key to improving these functions is to further integrate the source data that typically is decentralized at a financial institution directly to the underlying calculation and analytical and reporting processes. EVOLV Smart Data Solution was developed to provide financial institutions new capabilities to source, transform, enrich and analyze data more intelligently, being the first of its kind to integrate data to applications and then to analytics and reporting. These new capabilities are required by banks to meet the ever-changing and more advanced regulatory and business oversight.
“Many financial institutions struggle to timely and cost-effectively deliver and manage all the underlying data sets needed to meet regulatory reporting needs in a systematic and auditable process,´ said Jeff Sant, Co-founder and Executive Vice President at Primatics. “The most challenging aspect of automating key risk and finance functions is the ability to capture and manage the necessary data at the loan level, to feed those functions and to then express results in a manner that helps bank executives defend their positions. Financial institutions are drowning from attempting to manage the "tsunami of change" being promulgated by the regulators through existing systems which were designed for other purposes. With this in mind, we improved upon EVOLV’s sophisticated architecture to provide financial institutions with a cost-effective means of responding to these new challenges, enabling financial institutions to continue to utilize their existing core banking systems such that they could not only comply, but to also accelerate their overall business strategies.”
The EVOLV Smart Data Solution contains an embedded rules engine that first applies industry- proven business logic and rules to enrich data (event tagging logic, population identification logic) and then allows users to extend the rules set to customize the functionality according to the unique needs of their specific bank and project. The resulting data set is at the loan level, is reportable to the users and is now fully prepared to populate the risk and finance functions / applications resident within EVOLV. No data needs to be exported and/or copied somewhere significantly reducing costly reconcilations and reducing operational risk.
EVOLV was already the only solution available for automating risk and financial functions for loan portfolios, with a proven, scalable and comprehensive platform. Now with Smart Data, EVOLV extends its capabilities from data to functions and the resulting reporting and analytics that are leveraged across a financial institution. EVOLV is your end-to-end solution for solving today's banking problems while also providing a framework designed to meet tomorrow’s challenges.
About Primatics Financial
Primatics addresses a financial institution’s most complex risk and finance challenges with EVOLV®, our open platform enhanced with integrated solutions. Built by industry experts, EVOLV® uniquely equips financial institutions to efficiently meet changing accounting, risk, compliance, regulatory, market and business needs. Primatics is headquartered in McLean, Virginia, USA. For more information visit: www.primaticsfinancial.com