Pendo Systems Is Widely Honored For Its Industry-Leading Technology Pamela Cytron Awarded Game Changer of the Year
- FinTech StartUps
- 29.05.2015 01:00 am
Pendo Systems has been on a roll this year, winning a number of awards from international financial technology publications, the New Jersey Technology Council, and SWIFT.
“I am delighted, and also a little surprised at all the attention,” said Pamela Pecs Cytron, founder and CEO of Pendo Systems, which is based in Montclair, NJ.
Pendo has invested heavily in the development of systems for a vital area of financial services — providing complex valuation, accounting support and data management.
“With our release of Extropik™ in late 2014, we are able to robotically extract data from multiple source systems, providing a single view across disparate source systems,” she explained. “One of the biggest challenges in the industry is creating a single view of position inventory and customer and risk data, which are typically scattered across multiple silos. Extropik™ is an intelligent information platform designed to connect, expose, and share data while integrating with financial institutions’ existing legacy infrastructure.
“It automatically replicates operational transactions from any production system into a fully indexed live, real-time open IBOR (Investment Book of Record). Extropik™ enhances operational workflow, providing a foundation for quick system integration and offering a path to eventual legacy system decommissioning. It automatically replicates operational transactions from any production system into a fully indexed live open IBOR.
Industry experts are taking notice, as the 2015 accolades show:
Hedge Funds Awards 2015, Best Fund Administration Software
2015 Corporate LiveWire Business Awards, Innovation & Excellence in Global Investment Accounting Software
2015 Alternative Investment Awards, Innovation in Transparent Financial Services
And from the ACQ Global Awards 10th Anniversary Edition:
Fund Administration System of the Year — BasisPoint
Capital Market Technology Provider of the Year
Gamechanger of the Year (GMT) — Pamela Cytron
The New Jersey Technology Council, Best Information Technology Company 2015
SWIFT Innotribe New York Startup Challenge, 2015 Semi-Finalist
In addition, CIO Review placed Pamela Pecs Cytron on the cover and named Pendo both “Company of the Month” and “One of the 20 Most Promising Capital Market Technology Solution Providers.”
”The company adopts Big Data technologies to quickly assemble diverse data into a meaningful model,” the Review said. “The company embraces simple APIs that support accessing the data from tools like Excel and Tableau as well as from third-party applications, using standardized OAuth (open standard for authorization) security.”
“Our solid data model, which links data, search technology, and probabilistic modeling, helps organizations capture and correlate the information to provide a central view,” she told the magazine.
Cytron said Pendo stands out because it has modern, real-time architecture. “Most of the systems in the back office fund accounting are more than 20 years old, and it shows,” Cytron said. “The firms which developed legacy accounting systems are selling them, and a few large players are collecting the legacy assets like antiques, with no more investment than antiques usually get. Users think they are stuck, but we can offer them a way to move into the 21st century.”
Legacy systems run in batch mode, completely outdated in a world of real-time investment management. By contrast, said Cytron, Pendo users have a complete view of their investments at all times. The industry is waking up to the difference between Pendo and legacy, she added.
“It’s been quite a year, and we’re only halfway,” said Cytron. “It’s great to receive the recognition for Pendo, and it’s important that the key role of a sophisticated investment inventory and accounting engine is recognized. Front office trading systems often get all the glory, but an investor or portfolio manager needs to know what she owns and how it’s valued in real-time to make the best investment decisions. Shifting the model to process the capital market’s inventory (positions) is also a big help in meeting the regulatory requirements.”