August 01, 2012
Gresham's CTC Reconciles Transactions Orders of Magnitude Faster than Competitive Offerings in Intel Benchmarking
London, 1st August 2012, Gresham Computing plc, a leading provider of transaction control solutions to international financial institutions, today announced that its reconciliation solution Clareti Transaction Control (CTC) has achieved unprecedented transaction processing times in a series of benchmarking tests conducted with Intel. These tests included load and match into a database of over 50,000 equity trade transactions per second and were conducted in June 2012 on the Intel® Xeon® Processor E7 family, at Intel’s Computing lab in Reading, United Kingdom.
“These results show how Gresham’s CTC is delivering a much needed step change in financial institution reconciliations. This is essential as financial institutions seek to get more done faster. With organisations placing greater emphasis on effective internal control environments, inter-systems matching and reconciliation is becoming a vital component in minimising operational risk. The scalability and performance of CTC responds to market needs and is way beyond the capabilities of traditional Nostro reconciliation-based engines,” said Neil Vernon, Development Director, Gresham Computing plc.
CTC was built using the GigaSpaces XAP elastic application platform as an integral part of its infrastructure. XAP is geared for big data, employing an in-memory data grid for tremendous processing speed, ‘share-nothing’ partitioning for reliability and consistency and event-driven architecture that enables real-time processing of massive event streams and unlimited processing scalability. With CTC, organisations can rapidly replace existing manual and semi-automatic internal controls with automated controls, secure in the knowledge that CTC can easily scale to cope with higher volumes in the case of future growth or consolidation.
In the past institutions might have needed multiple reconciliation systems to handle large volumes of transactions close to real-time. They can now process these through a single instance of CTC, making significant cost and efficiency savings. CTC has the scalability to handle the transaction processing needs of industry consolidators such as OTC central clearing bodies or reconciliation service providers – all of whom have growing demands for volume and need to get things done faster.
Gordon Hughes, Alliances Director Financial Services, Intel, commented, “We are impressed by the results that Gresham’s CTC solution achieved in their rigorous performance testing conducted at Intel’s fasterLAB. Financial services customers are at the forefront of high performance and scalability demands, and in these tests the Intel® Xeon® Processor E7 family has demonstrated CTC’s ability to deliver significant performance and power efficiency in the reconciliation environment. The ability to process 200 million transactions per hour gives customers the certainty they need that as their volumes grow, CTC running on Intel processors can scale to the needs of their enterprise.”
These benchmark tests with Intel are the beginning of a long partnership between the two companies giving customers performance and scalability certainty.
About Clareti Transaction Control
Gresham’s Clareti Transaction Control solution (CTC) enables customers to quickly and accurately identify and resolve operational risks, reduce financial transaction loss events, optimize business performance, and comply with regulatory requirements. Gresham’s approach allows real-time, business driven controls to be put in place as soon as a new financial product is created. This means any errors can be identified and rectified from the start (T+0), preventing potential discrepancies or loss events. Unless controls are put in place at the beginning, errors will often only come to light much later in the transaction lifecycle, for example, after the trade has been completed and an error is identified during the nostro reconciliation process.
Based on the latest technology, Gresham’s solution offers maximum flexibility and adaptability to respond to changing needs. This is in complete contrast to legacy hard-coded systems which are cumbersome, costly and time consuming to change.
About Gresham Computing
Gresham Computing plc is a leading provider of software solutions to international financial institutions and is listed on the main market of the London Stock Exchange (GHT.L). We service over 100 major blue-chip customers, many of whom have been customers for over thirty years. Our customers include several of the world’s largest financial institutions, served locally from offices located in Europe, North America and Asia.
Further information can be found at: www.gresham-computing.com
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