SOLUTIONS BY INITIATIVE
VENDOR SCAFFOLDING
Reduce third-party risks
A flexible scaffold layer lets you grow and reduce the risks associated with third-party vendors.
Vendor Scaffolding in numbers
60-80%
of financial institutions struggle with third-party risk*
*Ponemon Institute
%
of capital markets firms depend on third-parties for mission-critical systems*
*2019 Celent report
%
of organizations faced a third-party vendor incident in the past 2 years*
*Gartner
THE CHALLENGE
Dependency on vendor systems
Vendor systems become deeply embedded in your organization as you add custom features over time.
This deep integration comes with big downsides, making upgrades difficult and the third-party system more critical than you’d like.
This increases third-party risks such as vendor lock-in, limiting your flexibility and control over your essential operations.
THE SOLUTION
Take back control
Many financial institutions aim to lower vendor concentration risk.
The Genesis Application Platform makes this strategic rebalancing easy. You can create a software layer with pre-built components to extend your assets or start an incremental decommissioning process.
Adopting a multi-vendor strategy reduces the risks associated with dependency and increases bargaining power.
Control, compliance and flexible UX
Explore client stories
Unified middle office –
XP Investments scales by 10x
XP Investments scaled their business by 10x and reduced specific vendor dependency by deploying a standalone middle-office solution alongside their existing OMS platforms.
Reduced third party depency for a corporate banking firm
This client built a global transaction service by integrating our middle office solution into its existing systems.
This streamlined processes, including ensuring T+1 compliant and reduced dependency on a third-party vendor system.