Jonathan Reeve, Head of Product Strategy at BetaNXT, joined Julie Cooling, Founder and CEO of RIA Channel, to discuss the firm’s innovations in the real-time processing of financial markets data.
BetaNXT is the combination of three firms. Mediant Communications provides client communication and proxy services. Maxit tracks tax reporting data. Beta Systems maintains books and records and custodial services. The firm’s clients include major financial services firms, such as Wells Fargo, LPL, and Vanguard.
BetaNXT’s newest product, DataXChange, brings together the firm’s data on Snowflake across all product lines. Rather than sending and receiving data, which can be error-prone, the system seeks to perform zero reconciliations. A particular instance is shared between BetaNXT and the customer, which eliminates the need to send and receive data. Rather than performing batch processing, the system seeks to process transactions on a near real-time basis.
Reeve notes that good AI is driven by good data. BetaNXT seeks to provide real-time data in a strong governance structure, which clients can use as inputs to their artificial intelligence efforts. Asset managers can access data on performance, corporate actions, and tax lot information.
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