Bangalore, Nov 6 (IANS) Leading integrated technology and operations firm iGate Corporation Wednesday announced it has secured a multi-year contract to manage data services of the global financial services firm UBS AG.
"The deal envisages UBS migrating to a globally managed service for instrument data mastering across asset classes, using Markit enterprise data management platform and transforming its operations using our framework," the US-based company said in a statement here.
The California-based global software firm has its largest offshore development centre in Bangalore. Former Infosys director Ashok Vemuri is the chief executive of the company.
Swiss-based UBS has multiple technology systems and operations across vendors supporting its instrument reference data management.
iGate has partnered with the London-based Markit to drive standardisation in the industry by providing a similar managed service to other financial institutions.
As a leading financial information services firm, Markit provides independent data, enterprise solutions and trade processing across asset classes to enhance transparency, reduce risk and improve operational efficiency.
"The deal with UBS marks a milestone for our business outcomes model and strengthens our aim to shift the industry to an outcomes-driven model from an effort-based business model," iGate vice-president Derek Kemp said in the statement.
Commenting on the deal, UBS managing director Adrian Boyd said moving to a managed service model for supplying financial instrument data would simplify its processes and reduce operational risk.
"This is a landmark deal, as financial institutions are consolidating and standardising their instrument data operations and IT across various business units," Boyd noted.
By creating a central shared service for instrument reference data, iGate will enable UBS to streamline data management and improve data quality, while reducing costs.
The 150-year-old UBS serves private, institutional and corporate clients worldwide and retail clients in Switzerland. It also provides wealth management and universal banking in the country that is Europe's most popular tourist destination.