Symphony, Markit Announce Partnership in the Collaboration Space

The goal of the relationship between the two firms will be to promote the adoption of a Collaboration-Platform-as-a-Service (CPaaS) in order to offer users better workflow and collaboration  capabilities in the financial industry.

Markit is currently developing hosted applications and data delivery services that will be offered through Symphony. The products will provided customized data feeds, analytics and other workflows. 

A spokesperson for Markit tells WatersTechnology the apps will launch over the summer. Several are currently in development, but data apps and an advanced charting app will be the first ones released, according to the spokesperson.

"As the Symphony network expands, we believe it will become a critical part of the fabric of the financial industry and view it as highly complementary to the spectrum of services provided by Markit. The service offers us innovative ways to collaborate, distribute data and deploy technology apps, such as advanced charting," said Brad Levy, Markit's head of processing and loans and CEO of MarkitSERV, in a statement. "We also plan to weave Symphony into our platforms and products to enable real-time collaboration among our customers. In addition, it's exciting for us to contribute open-source code to the Symphony Foundation and develop new ways to access data and improve workflow in partnership with the industry."

Symphony already has content partnerships with Dow Jones, McGraw Hill Financial and Selerity.

"Markit is a leading and strategic partner as we work toward improving collaboration and streamlining workflows across the financial services ecosystem," said David Gurle, founder and CEO of Symphony, in a statement. "Partnerships with specialists in information services like Markit allow Symphony to offer more complete workflow solutions to our customers."