BOSTON--(BUSINESS WIRE)--Elsen today unveiled nPlatform, the Platform-as-a-Service (PaaS) for large financial institutions, and announced that Thomson Reuters is the first company to launch a commercial product, QA Point Powered by Elsen, built on the platform. By combining high-quality data with a cloud-based architecture that delivers blazing performance, Elsen nPlatform enables anyone to effortlessly harness vast quantities of data to make better decisions and quickly solve the most complex problems.
As the financial services industry undergoes a digital transformation, firms are striving to extract more value from massive amounts of available data. In fact, 70 percent of firms report that Big Data is critically important – a number that’s up sharply from 21 percent in 2012 – according to research last year from the consulting firm New Vantage Partners. However, transitioning to a modern, cloud-based architecture that can provide easy access to vast quantities of data and the means to analyze it is a challenging task.
“Financial institutions are powered by large and complex technical infrastructures that they’ve been maintaining and building upon for decades,” said Zac Sheffer, founder and CEO of Elsen. “Yesterday’s infrastructure can’t support the type of flexible and intuitive applications that users have come to expect, so we built a platform that can. Elsen nPlatform gives financial institutions a foundation to build the powerful, web-based applications that users need to do their jobs effectively and put their firms ahead in today’s knowledge economy.”
Elsen nPlatform is designed to help financial professionals quickly gain insights from massive amounts of data. Applications built on nPlatform eliminate the need for a team of programmers and give anyone the ability to quickly construct and validate financial investment strategies.
Large financial institutions can use Elsen nPlatform to build solutions that empower their own employees, or they can use it to create and distribute solutions for their clients and customers, as Thomson Reuters has done with the introduction of QA Point Powered by Elsen. QA Point gives any user the power to conduct research on massive quantities of data to backtest investment models and create new investment strategies – in minutes, not days.
“Portfolio managers and analysts are under pressure to deliver a more systematic approach to the investment process, but they’ve had to rely heavily on software engineers and programmers to access quality data and test their ideas,” said Austin Burkett, head of global quant and feeds, proposition manager, Thomson Reuters. “Combining our world-class data with Elsen’s cutting-edge technology to create QA Point gives control back to analysts and portfolio managers so they can quickly create and test new investment strategies that will drive better returns.”
Elsen nPlatform was developed through close collaboration and rigorous evaluations with experts in the financial services industry. It consists of three core components that provide a powerful foundation on which to create a wide variety of applications that meet the needs of large financial institutions:
- Data Store – A huge library of data from unrivaled, premium data sources that’s cleaned, normalized and aggregated to be instantly usable.
- Processing Engine – A high-performance computing architecture that uses parallel processing and is specifically designed to handle financial data. It powers applications that enable technical and non-technical users to perform analysis in minutes not days.
- Intelligence Engine – An algorithmic approach to analyzing financial data that delivers better results, faster. Using machine learning, it provides massive time savings and insights that never would have been discovered otherwise.
The Elsen nPlatform has been selected as a finalist in the Best Tech Innovation of the Year (Small to Mid Size Business) category for the 21st Annual MITX Awards. The MITX Awards is the largest and most prestigious annual awards competition in the country for digital marketing and technology innovation, bringing together the best and brightest minds in the digital media, marketing and technology industry.
For more information on harnessing the power of Elsen nPlatform to create intuitive, web-based applications that give users access to vast quantities of premium financial data, visit: https://elsen.co/partnerships.
For more information on Thomson Reuters QA Point Powered by Elsen, visit: https://elsen.co/qa-point.
Elsen is the Platform-as-a-Service company for large financial institutions. The Elsen nPlatform enables anyone to effortlessly harness vast quantities of data to make better decisions and quickly solve the most complex problems. The company is headquartered in Boston and is backed by a combination of venture capital and hand-picked angel investors from the financial community including Accomplice/Boston Syndicates (BOSS), Sequoia Strategic Advisors, Bret Siarkowski and Hyperplane Venture Capital. For more information, visit www.Elsen.co or follow @ElsenInc on Twitter.