PwC: Joint Business Relationship to Build Global Enterprise Big Data Integration Solutions

By Rob Starr, Content Manager, Big4.com

PwC US today announced a new strategic business relationship with Pneuron Corporation (Pneuron). The PwC Pneuron relationship will enable financial institutions to integrate and package multiple legacy data sources or applications in a more efficient and cost effective way than traditional or interim solutions provide.

The first product in a planned portfolio of solutions will address data extraction, normalization and reporting – challenges that plague the financial services industry. Specifically, the product will help organizations meet a number of the requirements for the Foreign Account Tax Compliance Act (FATCA), such as pre-existing account due diligence.

Steven Crosby, PwC Americas wealth leader comments:

“Our clients are facing escalating costs and risk as they try to bring together a range of proprietary and competing data and information silos to comply with increasingly complex business and regulatory challenges,” he said.  “This new platform will pave the way for operational efficiencies and better business intelligence while helping institutions more effectively manage their risk and compliance obligations.”

Other Pneuron risk and compliance offerings aimed at the legal entity identifier (LEI), fraud and anti-money laundering (AML), operational productivity, credit risk and customer “golden copy” structures are underway with PwC.