Snowflake (NYSE: SNOW), the Data Cloud company, and Citi (NYSE: C), today announced a strategic initiative to re-imagine how data flows across financial services transactions to provide a frictionless solution for post-trade processes across the industry. Snowflake’s Financial Services Data Cloud helps organizations like Citi accelerate their top-line growth and drive innovation while mitigating risk.
The partnership brings together Snowflake’s powerful secure data sharing and multi-party permissioning capabilities and Citi’s extensive market expertise with the industry-leading proprietary custody network spanning over 60 markets and its top global markets franchise, in Snowflake’s Data Cloud provider-agnostic cloud environment. This collaboration will offer a unique solution to control data models and how end-to-end transaction data flows across a business to meet the diverse requirements of global clients.
Additionally, banking, insurance, fintech, and investment management customers, amongst others in the financial services industry, can utilize Snowflake’s Financial Services Data Cloud to securely share and access data to help launch new customer-centric products and services, build fintech platforms of the future, and satisfy regulatory compliance requirements.
“This strategic partnership with Citi will address some of the most prevalent data challenges faced by today’s financial services organizations in order for them to drive innovation for their customers and grow their business,” said Matt Glickman, VP and Global Head of Financial Services Industry at Snowflake. “Snowflake’s Financial Services Data Cloud can redefine data experiences for the financial services industry, so data is more connected and flows more seamlessly across industry transactions than previously possible.”
“Clearly, if we were to start afresh, we would not design market transaction data workflows in the way they function today. In partnership with Snowflake, we are striving to provide solutions to the challenge of multiple records across multiple systems and the associated costs and data reconciliation consequences that hinder our clients and the industry today,” said Okan Pekin, Global Head of Citi Securities Services.
“Citi has a proven track record in innovating and reimagining industry processes in partnership with its Innovation Lab network and D10X programs. We solved an industry problem around proxy voting and shared this with the industry via Proxymity,” said Chris Cox, Global Head of Data and Digitization for Citi Securities Services. “The vision for this initiative is to provide a similar outcome and deliver the next generation of securities services to our clients and their counterparts. Integrating Snowflake with Citi’s VelocitySM Clarity data platform can help to deliver faster, more complete client data – adding the Snowflake channel option to existing real-time APIs and visualizations – plus opening the door to some other interesting possibilities.“