SkySparc is enhancing its data analytics solution designed for bank and corporate treasury and finance functions, according to a press release issued Thursday (Oct. 4).
OmniFi, the data management and analytics solution developed by SkySparc, has been upgraded to heighten automated data exchange capabilities, with the solution able to move data regardless of its format, communication protocol or system location, the company said.
According to SkySparc Head of Product Management Marcus Gullers, the solution lets treasury managers more easily integrate and analyze data across sources.
“To take just one example, corporate treasury clients can use OmniFi to consolidate cloud-based balance and transaction data from their banks’ APIs with internal data from business units, held in one or more on-premise systems,” he stated. “In the area of open banking and open source, clients have an opportunity to use greater data management flexibility to improve process control and efficiency.”
Open Banking and PSD2 regulations have largely been viewed in the context of data security and the ability for banks to open up customer data to FinTechs for enhanced interoperability. Yet there is also potential for banks and treasurers to take advantage of data-sharing functionality in other ways, including for enhanced analytics of their own operations.
In another statement, the firm’s CEO Joakim Wiener pointed to the long-term benefits of enhanced data analytics capabilities, which “may only be realized as clients adapt to a new financial ecosystem in which they develop custom plugins to exchange, transfer and analyze data with increasing speed and frequency.”
Earlier this year, a survey from Kyriba calculated that corporate treasurers waste 4,812 hours every year managing data with manual processes. Analysis of more than 100 companies suggests spreadsheets is a top time-waster, with treasurers’ cash flow forecasting and payment fund transfers taking up significant time due to lack of automation.