Custom-built web-based application integrates best-of-breed content sources into an easy-to-use, modern data source for middle- and back-office wealth management servicing firms
QUODD, a comprehensive market data on demand provider for the global financial services industry and a NewSpring Holdings platform company, today announced the launch of Universe+, an API-based cloud platform that delivers comprehensive security pricing, reference data, and analytics across all asset classes, integrating mutual fund, equities, and fixed income pricing data.
Serving as a cornerstone of the QUODD Command Center, Universe+ provides the ability for middle- and back-office employees to monitor ongoing price fluctuations, pull data on demand like corporate actions and for wealth management clients manage price validations and initiated price challenges. Universe+ also features security look-up and query capabilities using pre-defined or custom templates to transform work that previously took hours to complete down to seconds. The data on Universe+ can also be validated or initiated with detailed explanations to reconcile differences between primary and secondary sources.
“The one-size-fits-all approach to market data simply doesn’t work anymore from a practicality standpoint,” said Bob Ward, CEO of QUODD. “QUODD custom-built Universe+ to address direct feedback from wealth management servicing firms that the functionality and features of the current market data terminals are too broad and not targeted to the workflow needs of the middle- and back-office. While legacy market data providers will always have a place at the table within large firms, it’s clear that alternative market data providers can step up to fill the void for back and middle-office professionals that need high-quality, customized data available from wherever they’re working.”
“Data consumption patterns have changed in the last few years, driven by a need for data-on-demand without stringent usage restrictions,” said David Kirk, CTO of QUODD. “That’s why we’ve custom-built this platform with modern technology and delivery models to fulfill new expectations. The technology powering Universe+ ingests, normalizes, and productizes best-of-breed sources of market data content for consumption with the lowest amount of friction. Our customers consume what they want and when they want it in the delivery output of their choice without requiring technical knowledge or remembering pneumonic codes.”
The QUODD Universe+ platform was created from feedback by dozens of QUODD customers that cut across the bank trust, broker-dealer, insurance, and retirement segments via workshops conducted over the last 24 months. This feedback along with a consortium of leading banks and service providers helped to direct a curated set of the industry’s best-of-breed market data providers into the application. The resulting solution enables on-demand market data solution that cuts across all business lines, functional areas and operational workflows for a fit-for-purpose mid to back-office tool.
“Our partnership with QUODD aligns with our vision of providing the most innovative, robust and scalable solutions for financial institutions,” said Ed Chidsey, SVP and Global Head of Financial Information Services at IHS Markit. “We are proud to be QUODD’s exclusive fixed income data provider, as our best-in-class pricing and reference data delivers actionable intelligence that can enable a competitive advantage for trust and wealth management firms.”
“As an innovative technology platform for banks and other financial institutions we have partnered with QUODD for over three years, said Kevin Fisher, Senior Managing Director of Fi-Tek. “We are happy to have been one of the earliest adopters of the Universe+ platform and pleased to have influenced its product roadmap.”
About QUODD
QUODD delivers reliable and comprehensive market data on demand to the global financial services industry. QUODD fuels wealth servicing users across banks, broker dealers, insurance companies and fin techs the ability to stream, embed, look up, or download pricing data for global equities, fixed income, indices, options, futures, and end-of-day pricing for global mutual funds spanning. Monitoring more than 150 global exchanges and tracking trillions of transactions with a 99.999% up time, QUODD is the modern market data resource you can trust. Learn more at www.quodd.com.
About Fi-Tek, LLC
Fi-Tek is a leading provider of technology and technology-enabled solutions to financial institutions, including Asset Managers, Trust and Private Banks, Family Offices, Hedge Fund Managers, Fund Administrators, and Broker/Dealers. Servicing over $1.4 trillion dollars of assets, Fi-Tek's suite of Private Wealth Technology Solutions consists of Global WealthES®, Rockit Command, and HedgeTek technology platforms. Additional information on Fi-Tek and its solutions may be found at www.fi-tek.com.
About NewSpring Holdings
NewSpring Holdings, NewSpring's dedicated holding company with a strategy focused on control buyouts and platform builds, brings a wealth of knowledge, experience, and resources to take profitable, growing companies to the next level through acquisitions and proven organic methodologies. Founded in 1999, NewSpring partners with the innovators, makers, and operators of high-performing companies in dynamic industries to catalyze new growth and seize compelling opportunities. The Firm manages over $2.5 billion across five distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt. Partnering with management teams to help develop their businesses into market leaders, NewSpring identifies opportunities and builds relationships using its network of industry leaders and influencers across a wide array of operational areas and industries. Visit NewSpring at www.newspringcapital.com.
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