Neoflex Project for National Clearing Center was Recognized by Russian IT directors
The project of Neoflex and the National Clearing Center (NCC) on the automation of regulatory reporting became the winner of the annual competition, “Project of the Year. CIOs’ Choice in Russia.” Independent portal GlobalCIO is the organizer of the competition.
The project was recognized as the best solution in the subject area of Big Data nomination. The winner was selected by open voting among CIOs— members of the community.
National Clearing Center performs the functions of a clearing institution and a central counterparty on Moscow Exchange markets. Its main goal is to maintain stability in the serviced segments of the financial market through a highly efficient risk management system complying with international standards.
The project implemented resulted in NCC getting an effective solution for preparation of regulatory bank and tax reporting, as well as a ready data storage of financial information within the Data Lake concept that can be used to develop analytics.
The reporting preparation process in NCC was reduced by at least 3 times. Now, the performance of the system for the computation of complex interrelated forms in volumes of about 60 million postings per day is about 120 minutes. The package of daily reports is prepared in 10 to 15 minutes instead of one hour. And Neoflex Reporting Big Data Edition system based on Hadoop technologies may be easily scaled in the future without major financial costs borne by the customer.
The high-speed performance of the automated reporting preparation system is ensured by the use of technology and tools that are fundamentally new for this class of tasks. HDFS (Hadoop) is used for data storage, and the Spark platform supporting in-memory computing is used for processing. The functionality of Hadoop and Spark of parallel data processing ensures high reliability and fault tolerance of the system, while reducing the costs for server hardware and software.