MDSL, a global leader in Market Data Management (“MDM”) and Technology Expense Management ("TEM") solutions, has announced a new technology solution with FactSet, a global provider of integrated financial information, analytical applications, and industry-leading service. FactSet Procure to Pay provides the first electronic data exchange to procure services, known as eBonding, between a market data management vendor and market data provider. The result is greater accuracy and increased automation in managing user entitlements for financial market data, leading to faster expense processing and reconciliation for procurement teams.
“This is a great example of MDSL working with a leading organization to develop a groundbreaking technological innovation,” said Simon Bone, General Manager of Market Data at MDSL. “Our clients have realized the value of eBonding within the telecom space for inventory and procurement management for many years now. We’re excited to be the first to offer it in the market data space alongside FactSet and provide our clients with products and services that increase automation and make it easier to do business.”
Ordering market data services without eBonding is a time consuming and manual process. Market data managers must first verify entitlements internally, then reach out via phone, email, or vendor portal to their market data providers to make requests. This back and forth communication can cause delays in procuring services or result in incorrectly placed orders due to human error. When orders and data management flow electronically, data is synced between provider and management platforms and ensures efficient ordering, provisioning, and delivery of market data products and services.
When orders are placed accurately and inventory is up-to-date within both systems, MDSL’s Market Data Management platform houses the details of these market data products and services, attaching them to users, cost centers, and departments for proper expense management and swift cost reconciliation. And, because these inventory items are linked to FactSet’s own inventory management system, access to products and services can be switched on/off almost immediately, eliminating the back and forth wait for confirmation.
“Clients are looking to increase operating efficiencies by providing immediate access to market data content, analytics, and digital assets based on individual roles and responsibilities,” said Jason Dennis, Senior Vice President, Sales Engineering and Technology Services, FactSet. “Our work with MDSL allows clients to have effective oversight of their technology and content ecosystem, in a way that also allows quick and easy automated deployment to their teams, powering innovation.”