After a thorough technology partner selection process, the Chicago-headquartered firm will leverage FINBOURNE’s cloud-native financial data management solution LUSID and specialist financial data virtualization engine, Luminesce, to modernise their valuations and reporting functions and provide enhanced service delivery to clients.

Seamless data integration and delivery

Northern Trust outlined specific requirements for a technology provider to support the modernisation of their valuation and reporting capabilities, whilst seamlessly integrating with their broader digitalisation journey, including a data mesh approach to enterprise data management and delivered through the Matrix Data Platform as their new digital “backbone.”

Utilising FINBOURNE’s cloud-native Software as a Service (SaaS), Northern Trust will have access to cost-effective and scalable data calculation and processing solutions that will enable the firm to modernise their technology strategy, sustain high-quality service to their clients, and evolve their service and delivery capabilities over time.

Enhanced data oversight

Using FINBOURNE’s market-leading data virtualization tool, Luminesce, data will be loaded into LUSID. This enables users to validate and analyse activity through automation - for example valuations or restatements - quickly, efficiently and accurately.

FINBOURNE’s open API approach means Northern Trust will benefit from an integration between LUSID and their broader data mesh platform. The system interoperability enables valuations and other key data to be presented in near real-time and significantly increases the speed and efficiency of service delivery to Northern Trust’s clients.

Nadia Ivanova, Executive Vice President, Head of Business Services, Asset Servicing at Northern Trust Corporation comments: “We are impressed by FINBOURNE’s domain expertise and their modern approach to data model extension and interoperability. . At Northern Trust, we pride ourselves on our client-centric service, and we hope to continue enhancing the client experience with FINBOURNE’s innovative technology.”

Kelley Conway, Head of Corporate & Digital Strategy for Northern Trust adds: “Our digitization journey is sharply focused on democratizing data in ways that unlock meaningful value for clients. FINBOURNE’s LUSID platform, built specifically to support the volumes and complexity of data that characterize our business, is an exciting step in that broader journey that will help us partner with clients on the innovations that matter most to them."

Thomas McHugh, CEO and Co-founder, FINBOURNE Technology adds: “We are pleased to welcome Northern Trust to our growing list of clients. As one of the most trusted financial institutions in the world, we look forward to supporting them as they futureproof their data strategy.”