PRISM SOLUTIONS Brings multi-tenanted SaaS Credit Risk Solution to Market
As I hear myself saying very often, new vendors emerge quite often in the broader CTRM space. We have covered why this occurs in detail in our comprehensive book – CTRM Software – An Analyst View of a Dynamic Software Market – but one way is that new technologies allows a small group of people to build a new solution and challenge the existing vendors. This appears to be the case with a new vendor I spoke with last week called PRISM SOLUTIONS.
I spoke with Fauwad Hurzuk, founder of PRISM SOLUTIONS, who told me that after working in the energy industry for over two decades, he thought he had seen a gap in the market in the area of credit risk management and believedt that he could come up with a better, more cost-effective solution on modern technology. So, he and some colleagues set out to develop that solution targeting a slightly different market to existing credit risk solution suppliers, he told me.
“Users have a number of issues with existing solutions,” he said. “First is cost. Other vendors target tier 1 and 2 with costly pieces of software that take time and money to implement. Here, the costs are too high for smaller players and the implementation timescales – often 6 months to two years, way too long. Furthermore, the technology used by many of the existing players is quite primitive by comparison to the tools available.”
His answer? A modern, cloud-native solution deployed multi-tenanted (single tenanted can also be offered) in the Azure cloud. “Everyone gets the same product,” he said. “There aren’t multiple versions with customized solutions specific to individual users.”
However, the solution is flexible, he told me, via configuration so that, while most features are common across the platform to all customers, using pre-configuration some flexibilities can be provided for. The result he claims is reduced implementation and cost. “A user can have access to the solution in as little as two days using pre-configured business rules.” By using the software as a standard product, everyone benefits from a lower cost, and it can be easily optimized for customers via the cloud native features and dynamic scaling capabilities. “This also reduces maintenance cost,” he said.
PRISM has just started marketing the solution and has data management, exposure calculation, collateral management, messaging, bi-lateral margining and interest calculation ready with other functionality on the roadmap. It will be a comprehensive offering supporting all aspects of credit risk for energy and commodities with standard interfaces to boot, he said.
We will be staying in touch to see how SOLUTIONS does.
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