MONTCLAIR, N.J., Sept. 17, 2019 /PRNewswire/ -- Pendo Systems today announced they have been invited to exhibit in the SIBOS Innovation Zone for the third successive year. The company is a two-time winner of the Innotribe Innovation Award and thrilled to extend their relationship with the Swift team at SIBOS London starting Monday, Sept. 23.
During a packed week, Pendo will be demonstrating their LIBOR Fallback Engine, a unique, fit-for-purpose tool that helps automate the LIBOR remediation process. Unlike many of the tools claiming to solve the challenge posed by LIBOR, Pendo is using their existing platform, the platform that's been in production for more than four years and processed billions of pages of unstructured content.
"The Pendo platform has been transforming unstructured data into machine-readable content for quite some time and when it comes to LIBOR, that depth of experience really matters. It's been said LIBOR is a Defcon 1 litigation event, so having confidence in the LIBOR data you're recovering is not optional. We're excited to publicly demonstrate our tool for a global audience - one that the market here in the U.S. has already been responding very positively to," said Pamela Pecs Cytron, CEO, Pendo Systems.
The Pendo platform transforms unstructured data into addressable, machine-readable content that can be consumed via downstream intelligent automation systems, for example. The platform has an extensive list of use cases, most of which are analogous to the challenges posed by LIBOR Remediation, so the company's experience of quickly and accurately recovering data from complex, unstructured documents runs deep.
Pendo's LIBOR Fallback Engine has, to date, successfully recovered the fallback terms in over 100 different contract types and created "accelerators" that can be used universally to help solve the challenge posed by LIBOR for all types of institutions. The platform also enables Pendo's customers to create an audit report that includes full data lineage.
"The LIBOR transition poses significant challenges to the financial services industry, not the least of which is simply understanding the risk embedded in your documentation. Pendo Systems offers a unique solution to this problem by digitizing and categorizing your legacy documents. Accurately identifying problematic language in a timely manner is a critical part of the process and will empower you to get your house in order before the demise of LIBOR," said Pieter van Vredenburch, Partner, Market Alpha Advisors.
As of today, there are only 835 days until the official demise of LIBOR and much work remains to be done before the remediation work can start. The Pendo Fallback Engine is a critical first step that enables financial institutions to have a complete understanding of the risks posed by LIBOR contracts that extend beyond Dec. 31, 2021.
At SIBOS, find Pendo Systems at booth 43C in the Innovation Zone. All others can book a demo by going to the contact us page at www.pendosystems.com.
For more information, contact Phil Smith at prsmith@pendosystems.com.
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