Sopra Steria partners with DataStax for data storage tools for banks and FIs
Melba Foggo, MD of Sopra Steria
Sopra Steria has teamed with DataStax, a provider of database software for cloud applications, as they target finserv organisations across the retail banking, investment banking and trading sectors.
Working with DataStax, Sopra says it will provide solutions to some of the “biggest challenges” currently facing traditional banking institutions, such as compliance with “ever more stringent regulation on trading activities”.
Melba Foggo, MD of Sopra Steria, says the new partnership offers “expertise in the use of big data” and customers will be able to “ingest, process and store vast quantities of information at speed which will deliver better decision making capabilities in real time”.
Simon Webster, EMEA general manager, DataStax, adds: “Traditional approaches to storing data can no longer cope with the sheer volume of data created both by internal banking applications and external data sources such as market trading or stock exchanges.”
The good life
So far in 2016 Sopra has also been involved in two recent and separate deals.
Sopra said it plans a tie-up with Cassiopae, a developer of specialised finance management software. Sopra Steria will acquire, through its subsidiary Sopra Banking Software, about 75% of KSEOP, Cassiopae’s holding company.
While in the UK, it has been selected by the Financial Conduct Authority (FCA) to deliver a new digital regulatory market data processing platform in an “exclusive” six-year contract.
The new platform will support the FCA’s on-going regulation of firms, as well as encompassing new requirements under the forthcoming Markets in Financial Instruments Directive (MiFID II).
