AccessFintech bolsters Synergy platform 18 October 2022UK Reporter: Lucy Carter
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AccessFintech has expanded Synergy, its data collaboration network, now offering financial instrument global identifiers (FIGIs) on the platform.
Those using FIGIs will be able to link their proprietary content and share data with organisations using alternative identifiers, removing licensing and cost barriers, the company says.
FIGIs are globally-recognised open data standards which provide guidelines for the identification and creation of context-specific data models of financial instruments. Using OpenFIGI.com, clients will be able to use FIGIs to identify and track financial investments through their entire lifecycles.
The standards cover traditional assets as well as those which have previously had no standard identifiers, such as crypto assets. They are supported by descriptive metadata, including exchange and national jurisdiction, which describes the financial instrument.
Steve Fazio, chief product officer, says: “Deploying the FIGI standard across the entire Synergy Network allows us to add an important additional layer of data normalisation for clients. Financial institutions favour varying identifiers, and we are excited to link these standards with the FIGI, which will support us in identifying instruments globally and across assets in a standardised language.
The ability to connect different data identifiers enhances our capacity to provide seamless connectivity and helps us go further in linking content sets across multiple market players to reduce errors and help minimise overall risk.”
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