Pilot at Tier-One Bank Created Early Warning System for Dodd Frank Regulatory Reporting
NEW YORK--(BUSINESS WIRE)--Verdande Technology, provider of real-time Case-Based Reasoning (CBR) technology, today announced its partnership with Nastel Technologies, a premier provider of application performance monitoring (APM) solutions. Verdande Technology’s CBR-driven Edge Platform will be integrated with Nastel Technologies’ AutoPilot®APM solution to provide financial services organizations with two-tier predictive analytics software that will help end users predict system-impacting occurrences before they happen, allowing them to mitigate risk, reduce service outages and remain compliant with regulatory reporting requirements.
“The Verdande Technology and Nastel partnership will bring unprecedented predictive value to financial services organizations – something they are still lacking despite heavy IT investments”.
Financial services firms are spending millions of dollars on technology, however they still do not have a tool that will adequately warn them of potentially detrimental problems ahead of time. Verdande Technology’s CBR solution is based on the principle that similar problems have similar solutions. By harvesting massive datasets, Verdande Technology identifies impacting events and solutions from past events to provide a realistic assessment as to whether a similar scenario is likely to happen in the future. With the partnership, Verdande Technology’s CBR platform takes data from Nastel’s AutoPilot solution, and provides real-time actionable intelligence to prevent business-impacting issues before they occur.
Verdande Technology and Nastel worked with one of the world’s largest investment banks to create an early warning system for potential problems. The Bank required an operation support tool that could help increase the value of its “Run the Bank” (RTB) team, which was spending too much time investigating false alarms. The Bank needed a reliable system to map events within its IT infrastructure to previously recorded experiences and map those cases to recorded solutions. Verdande Technology’s Edge Platform was implemented with Nastel’s AutoPilot solution which delivered a powerful, scalable means to collect and source data. The joint solution was then able analyze heterogeneous data sources to create an early warning system for potential problems and offer the Bank solutions based on previous experiences.
“The Verdande Technology and Nastel partnership will bring unprecedented predictive value to financial services organizations – something they are still lacking despite heavy IT investments,” said Jo Kinsella, CEO, financial services. “We look at CBR as the ‘roof of a house,’ which can sit on top of existing IT systems as a value-added early warning system that turns data into actionable insight. In conjunction with Nastel AutoPilot, financial services firms now have a way to predict systems-impacting events before they happen, something that is invaluable in a time of news-making outages and failures and new regulatory reforms.”
“We look at the reduction in user impact, a result of the early-warning system provided to the investment bank, as a great example of the value enterprise customers can gain from the Nastel-Verdande partnership,” said Charley Rich, vice president, product management, at Nastel Technologies. “Enterprises are being buried under big data and finding it difficult to maintain a real-time perspective of their operations. Nastel AutoPilot’s Complex Event Processing (CEP) can turn this big data into small, actionable data, which Verdande CBR can use to provide immediate, actionable insight. The early-warning system based on Nastel’s and Verdande’s technologies gives customers the comfort level they need to execute their programs and grow their businesses in today’s competitive environment.”
About Verdande Technology
Verdande Technology AS was founded in 2004 and is headquartered in Trondheim, Norway, with regional offices in New York, Houston and Abu Dhabi, UAE. The company is privately funded.
Verdande Technology is the first provider of real-time Case-Based Reasoning (CBR) technology for financial services organizations. The company’s Edge platform – based on the principle that similar problems have similar solutions – identifies, captures and analyzes data patterns in real time, using past events to proactively predict future problems, rapidly diagnose and correct issues and continuously discover new potentially impacting events. Verdande Technology enables firms to make smarter decisions with their massive amounts of data, empowering them with a searchable case library that gives them the foresight to mitigate regulatory risk, uncover trading opportunities and increase performance. Learn more about Verdande Technology at www.verdandetechnology.com.
Nastel Technologies is a premier global provider of application performance management solutions for mission-critical applications from the datacenter to the cloud and is the only monitoring vendor with a unified platform to support all software and appliance-based middleware technology requirements. Nastel is a privately held company headquartered in New York, with offices in the U.S., the U.K., Germany and Mexico, and a network of partners throughout Europe, the Middle East, Latin America and Asia. For more information, visit us at www.nastel.com. Read our blog, follow us on twitter, become a fan on Facebook.
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