New Fintech Regulatory Compliance Product Leverages “Fast Data” In Quest to Save Banks Billions on Fines

SAN FRANCISCO, Jan. 30, 2018 -- Lightbend -- the company behind the Scala programming language and provider of the leading Reactive application development platform for building distributed systems -- today announced the general availability of a new real-time financial services regulation compliance product, Dataprobe, by Lightbend ISV Partner, Gluetech. Dataprobe is the first ISV solution built on top of Lightbend Fast Data Platform -- taking the guesswork out of compliance, with end-to-end data transparency and real-time operational efficiencies.

Banks Are Losing the Data Compliance Battle

Since the 2008 financial crisis, banks in the United States alone have paid more than $160 billion as fines, penalties and settlements for non-compliance of regulations¹. New regulatory requirements with CCAR, BCBS2, GDPR and MiFID add to the challenge of self-auditing all of a bank’s data resources to ensure compliance.

Most financial services firms are unprepared to deal with these increased regulations in a sustainable way. For many, the manual, spreadsheet-driven audit processes that once worked are no longer adequate methods for maintaining compliance. Both the volume and speed of data--thanks to real-time use cases around blockchain, mobile banking, etc.--demand a more audited self-auditing solution.

In order to gain true end-to-end control over their data and thus achieve compliance faster and more reliably, financial firms need a comprehensive solution that has both 1) knowledge of the operational environment in which the data is being stored and processed and 2) knowledge of the end-to-end business process. Furthermore, any solution must be comprehensive, fully automated, non-intrusive, and certifiable.

Introducing Dataprobe:  “Like FedEx(r) for Data Traceability”

Dataprobe is a new financial industry solution by Gluetech designed to solve end to end data traceability for achieving regulatory compliance, and providing a single view of data integrity across processes. 

“Dataprobe provides tamper-proof evidence that all data assets are being reliably tracked to their destination leveraging AI and blockchain,” said Peter Bals, CEO of Gluetech. “Unlike traditional ‘lineage’ tools, it delivers a provable roadmap tracing data back to its original source based on a given business process within and across organizational boundaries and that in real-time.”

With dataprobe from Gluetech, financial firms can achieve regulatory compliance faster and more reliably thanks to real-time data traceability. This results in a number of tangible business benefits, including:

• Fewer fines and penalties for non-compliance
• Ability to capitalize on opportunities faster with real-time data insights and predictive machine learning patterns
• Productivity gains thanks to automated processes that free staff to focus more on
  revenue generation

The First ISV Solution Built on Lightbend Fast Data Platform

Dataprobe is the first commercial solution built with Lightbend Fast Data Platform -- the first end-to-end platform specifically for designing, building and running streaming data applications. Designed by the team that created the Scala language and popular Reactive technologies like Akka and Play Framework, Fast Data Platform brings to Gluetech application responsiveness, resilience and elasticity to handle the range of streaming data use cases in the financial services industry.

“For banks, streaming data imposes a new set of regulatory challenges,” said Mark Brewer, CEO at Lightbend. “Datasets are now never-ending. Jobs that process these datasets can run for months or years. Workloads often spike unpredictably but applications must always be responsive -- and there are billions of dollars to be saved with a solution like Gluetech that can withstand the rigors of modern data flows and answer the bell for any audit.”

About Gluetech
Gluetech provides leading data governance and management solutions for financial services to automate regulatory reporting in a non-intrusive way. Using an innovative approach to ingest metadata from an existing operational environment, it allows business users to enrich business processes with probes to track data end to end and reconcile data within and across organizational boundaries in real-time.  It leverages AI and blockchain concepts and keeps history of results for regulatory reporting, further analysis and machine learning.  For more information on Gluetech, visit: http://www.gluetech.com.

About Lightbend
Lightbend (Twitter: @Lightbend) provides the leading Reactive application development platform for building distributed applications. Using microservices and fast data on a message-driven runtime, enterprise applications scale effortlessly on cloud computing architectures. Many of the most admired brands around the globe are transforming their businesses with our platform, engaging billions of users every day through software that is changing the world.

Editorial Contact
Lonn Johnston
+1 650.219.7764
[email protected]

¹ https://www.goodjobsfirst.org/blog/160-billion-bank-fee