The industry needs a response to
technological fragmentation and opacity –
This is Rosetta
Technology across the financial industry is incredibly fragmented, reflecting the disparity of business practices that co-exist in the marketplace. For example, the same transaction is nearly always represented differently across firms, and often differently within the same organisation’s multiple systems.
This technological fragmentation comes at a huge expense today. Industry participants struggle with ever-more complex workflows, supported by sprawling systems that require constant maintenance to ensure inter-operability. This creates a major challenge for operational efficiency within each organisation, and a formidable obstacle to economies of scale through industry mutualisation.
Systems opacity is also a source of major operational risk. Beyond potential losses, this risk increasingly attracts regulatory scrutiny, with massive fines being slapped for failures in appropriate controls.
A digital map through technical practices –
Delivering cohesiveness and transparency
Rosetta provides a unique, digital repository and associated toolkit that consolidates the industry’s technical practices, in a way that is clear and easy to navigate. Rosetta consistently and transparently expresses not just how data are represented, but also how they are processed through actual business workflows and according to applicable rules.
Crucially, thanks to automatic generation of programmatic code, this repository is tied to practical, software implementations.
Rosetta is built as an open source asset
for the industry
To fulfil its objective, Rosetta is built as a shared industry asset, freely accessible to all participants. Think of the ubiquitous “digital maps” of our daily lives, applied to the financial industry. That is why Rosetta has been designed from the ground-up for the open source.