Managing reference data, which comprises 40% to 70% of the data used in financial transactions, is a significant pain point for buy-side and sell-side firms. Relying on legacy systems that maintain segregated records of data leads to inevitable inconsistencies that are costly and time consuming to reconcile.
Axoni’s distributed ledger platform provides a shared single source of truth for reference data (press release). This technology allows network participants, including regulatory bodies, to view in real time any proposed and validated amendments to those data records. Axoni’s system facilitates ongoing automated data distribution across all participants, and provides a framework to manage conflicting data.