Velocity Fintech member VendEx Solutions begins Q3 with strong momentum behind them. With their first product, VKey, now launched, they are already onboarding their first clients.
VKey leverages AI technology and Machine Learning techniques as tools to extract and digitize critical embedded key contract terms, including standard contractual terms and more complex data / analytics compliance and usage rights, providing both customers and vendors with digitized key contract terms for true digital governance. VendEx Solutions has launched Secure Vault, VKey’s secure private cloud instances, which provides the conduit to start extracting up to 270 defined contract terms across 15 categories. Customers can link all exhibits (SLAs, SOWs, attachments, etc.) to Master Contracts using VKey’s proprietary technology. The company is in talks with two AI partners to layer in their technology and they are on track for a July release of its v1.0 Beta of the Client UI to query contract terms.
In other product news, VendEx Solutions has also completed the development of its VendEx ID, an integrated, proprietary alphanumeric taxonomy, for which a patent application is in progress. The VendEx ID is the linchpin of VSource, the company’s Vendor Services Directory that will allow users to compare similar services across vendors/fintechs. The database architecture for VSource was successfully implemented in May.
With the launch of VKey, VendEx Solutions has now launched a pilot program and has begun onboarding its first client. The company has its first VKey paid pilot with a global institution, and has also started a VSource pilot covering energy, credit, and rates, focusing on the largest impact vendors. Another five pilots are pending with other global institutions with a robust and healthy pipeline to follow. The company is in dynamic discussions with 25 global institutions, and actively engaged with a number of global vendors.
“Such a simple idea but solves such a big problem in the market data space.”
“I spend my life digging for clauses in contracts when I could be focused on the dozens of other business priorities….and for using my specialist expertise more wisely”
“There hasn’t been any innovation in this space for years, so this is extremely exciting.”
-from VendEx Solutions London Roundtable held at IA’s headquarters (May 2019)
VendEx Solutions held a successful first industry roundtable here in London in May, which was attended by representatives of eight leading global financial institutions. Follow up in both London and New York are expected in Q3/Q4. The company continues to develop engagements with the UK Investment Association Velocity Accelerator, Information Providers User Group (IPUG), and Wholesale Members Brokers Association.
Further information about VendEx Solutions can be found at VendEx Solutions