Whitespace Platform, the fully digital e-trading platform for brokers and insurers, has released a significant update (2.0) to its technology that transforms the data capabilities of the platform.
Since its launch, data has been at the heart of the Whitespace Platform: the entire contract is held as data. Whitespace 2.0 increases structure and data identification, giving firms flexibility to define the data embedded within a contract. This ensures that the contract shared between parties contains that ‘defined view’, allowing for increased granularity and removing the need for data interpretation or inference.
Whitespace 2.0 also makes system integration much simpler: it allows for data changed throughout the contract negotiation process to be re-used for reporting and updating other systems with no re-keying.
Gail McNeillie, head of analysis and design at Whitespace, explained: “Whitespace 2.0 is a major step forward, giving extra definition to the data, but it is implemented in a very discrete way, maintaining the look and feel of the contracts as they are displayed on the platform and as they are exported. Significantly, it means that enhanced reporting is now available to anyone who is using the data capabilities of Whitespace 2.0.”
Marcus Broome, chief platform officer at Whitespace, said: “The data capabilities we established when we designed Whitespace are very strong foundations. Building on that, Whitespace 2.0 provides future-proofing for new data reporting, processing and compliance requirements. It supports multiple data standards and taxonomies with no loss of user experience.
“The feedback so far is that organisations who wish to integrate further with client administration and accounting systems are keen to adopt the new capability because it is clear how it simplifies that integration process.”