Microsoft has announced a new strategic partnership with financial data firm Refinitiv, which has been designed to bring greater connectivity and market insight to those working in the financial sector.
Serving more than 40,000 financial institutions across 190 countries, Refinitiv specialises in providing data, insights and analysis tools to financial communities.
To help fuel collaboration and communication in the financial community, the firm is now creating new products and go-to-market services on Microsoft Azure, as well as expanding its use of Microsoft 365 and Teams.
Microsoft says the strategic partnership will help Refinitiv's customers to capitalise on growth opportunities, as well as strengthen its own commitment to the financial sector.
"We're thrilled to be partnering with Refinitiv to drive real innovation and transformation in the financial services sector," commented Cindy Rose, former CEO of Microsoft UK, now president of Microsoft's Western Europe division. "Through the powerful combination of our shared skills, experience and technology, we can help organisations unlock valuable insights from their data and spark a new level of productivity, collaboration and communication."
Refinitiv currently distributes 55 billion updates on financial markets every day, with up to 176 billion market messages per day also sent out during the COVID-19 pandemic. The firm also boasts 150,000 data sources and holds information on 68,000 public companies.
In terms of pricing data, Refinitiv boasts two petabytes of records stretching back over the last 20 years, as well as 60 petabytes of data that customers use to inform their decision making.
The new collaboration with Microsoft follows the financial firm's recent strategic partnership with ModuleQ, a Microsoft partner that delivers AI-driven news and market updates directly within Teams.
"Microsoft's scale and its integrated product suite provides important opportunities for customers to connect and collaborate," said David Craig, Refinitiv CEO.
"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."
