We’ve all heard the phrase “knowledge is power,” but I never realized how many different flavors of the quote existed. Commonly attributed to Francis Bacon, the phrase has what seems like unlimited mutations. From Ivern Ball to Bruce Lee, there is usually a “but” to convey something more important than knowledge, such as enthusiasm or character. My favorite has to be the quote by Will Durant, an American historian, and philosopher who wrote, “Knowledge is power, but only wisdom is liberty.”
Having spent my career in the post-trade fintech space, I can assure you that I’ve never brought philosophical teachings into my day-to-day working life. As I stumbled across this quote, the application to capital markets trade processing struck me. The amount of knowledge across the industry residing in various databases, data lakes, and warehouses is enormous, but how much wisdom are we able to derive from this wealth of knowledge? What business insights are we able to reveal? Can this knowledge be linked together efficiently to solve pertinent and real-world problems?
- A real-time consolidated view of the transaction, position, or on-boarding lifecycle status in one place, eliminating the need to hunt through a multitude of legacy applications
- Identifying a true golden source of data using self-serve business rules
- A front-to-back audit trail considerably simplifying investigations and helping to detect fraud
Here at PeerNova, these are the exact issues that we are tackling today with our Event Lineage™ functionality in our Cuneiform Platform.
Through an intuitive self-serve interface, data is selected, relationship types assigned, and linkages established. So that the users can feel free to experiment with lineages without risk this build-out is done in a designated testing area (sandbox). Once the user is satisfied that event lineages have captured the correct lifecycle updates and message sequences, the rules are pushed to production with ease.
Self-service tools are critical to the implementation of Event Lineage. We’re not the experts in our clients’ data. Providing easy-to-use, self-serve tools for data SMEs enables them to quickly and effectively configure the lineages within their respective domains. Before long, complete sets of system data are linked together graphically from front to back. The outline of a full transaction journey from order to execution, allocation to confirmation, settlement event to netted final payment, streams into view in real-time. This is the first step on the journey from knowledge to wisdom.
This is only the beginning. We’ve developed a number of features to take advantage of these Event Lineages. My colleague, Mark Jennis, recently blogged about reconciliations and his thoughts on a new paradigm for an old problem. We’ve built customizable streaming dashboards and real-time reporting capabilities utilizing our Big Data architecture to search billions of records in milliseconds, leading to timely insights into client behavior, risk, and so much more. These are but a couple of examples of the transformative power of trusted, real-time Event Lineages. The Holy Grail here, one in which I feel is absolutely attainable, is DLT. PeerNova’s philosophy is that successful, game-changing DLT initiatives should be solved inside-out. Event Lineage allows for this data abstraction to interface with DLT solutions independent from the legacy systems and infrastructure which aren’t going away any time soon.
Event Lineage is a powerful tool in a world where all parties recognize the value of data. Whatever your methods or vendors of choice, begin your journey to greater insights and true wisdom. Set your data free!