Microsoft and Refinitiv have formed a new strategic partnership that will give people who work in the financial sector greater connectivity and insight into their markets and customers, and help them make critical business decisions.
Refinitiv provides over 40,000 financial institutions in 190 countries with data, insights, and analysis tools to power and advance financial communities.
Refinitiv is creating new products and go-to-market services on Microsoft Azure, while expanding its use of Microsoft 365 and Teams, to help the financial community connect, collaborate and communicate.
That’s critical in a global industry that’s expected to grow to $26.5 trillion by 2022. In the UK alone, the financial services sector contributes £132 billion to the economy, 6.9% of total economic output, and accounts for 1.1 million jobs, 3.1% of the total.
The partnership with Microsoft will allow Refinitiv’s customers to capitalise on the growth in the sector.
David Craig, CEO at Refinitiv, said: “Microsoft’s scale and its integrated product suite provides important opportunities for customers to connect and collaborate. We see huge benefits in working with Microsoft and its productivity tools to improve efficiency, collaboration and communication across the financial community, especially as our customers harness automation and reimagine the future of work in a digital, post-COVID environment.”
Refinitiv distributes 55 billion updates on financial markets every day, and up to 176 billion market messages per day through the Covid crisis, from approximately 150,000 data sources and holds information on 68,000 public companies. It has two petabytes of pricing data stretching back over 20 years, as well as 60 petabytes of data that customers use to inform their decision making. In 2018, Refinitiv launched a product for investment managers called QA Direct in the Cloud, helping customer rapidly surface insight from huge range of Refinitiv’s global market and referential data securely hosted in Azure.
This fits seamlessly with Refinitiv’s recent investment in and strategic partnership with ModuleQ, a Microsoft partner that delivers AI-driven news, and market updates to professionals directly within Teams. Refinitiv’s strategic partnership with ModuleQ has proven to be critical during this period of increased virtual collaboration for companies globally, by offering a tool which helps employees focus on the information they need, right when they need it.