FactSet Brings Scalable Data Mapping Service to Snowflake
Pioneering concordance offering to allow clients a faster, more seamless experience that links universe of proprietary and third-party data in the cloud
FactSet, a global provider of integrated financial information, analytical applications, and industry-leading service, announced an expanded offering with Snowflake, the Data Cloud company. FactSet will integrate its exclusive data-mapping service, FactSet Concordance Service, into Snowflake’s platform, providing clients with faster content integration. This offering marks the first time investment professionals will be able to immediately link third-party, FactSet, and proprietary content together in Snowflake’s data cloud.
FactSet’s Concordance Service on Snowflake can be used by joint FactSet and Snowflake clients looking to enhance their data governance and expedite the data mapping process. Users pass their metadata to FactSet through an API; FactSet then uses machine learning techniques to identify individual firms and other financial entities from that metadata and assign each a single identifier. These identifiers are mapped to a universe of over 10 million additional entity records to ensure all data about a given firm is connected in one location, including company history and upcoming corporate actions. Hundreds of records can be linked in seconds, eliminating the need for clients to undergo a time- and resource-consuming data mapping process.
“We are excited to grow FactSet’s relationship with Snowflake and offer our data mapping service to clients working in the cloud,” said Jonathan Reeve, SVP and Global Head of Content and Technology Solutions, FactSet. “The ability to connect market and reference data with alternative and unstructured content in one place offers a consequential competitive advantage to any institution. Not only does connected content allow firms to speed up their idea generation, but it can also help them uncover risk and satisfy reporting requirements more efficiently.”
“FactSet continues to be ahead of the innovation curve on Snowflake’s data marketplace,” said Matt Glickman, Vice President, Customer Product Strategy, Snowflake. “The new FactSet Concordance Service is an important example of the new breed of data cloud services that customers will use to solve knowledge graph entity mapping, the next important data problem in financial services.”