The London-based electronic trading service RI3K announced the launch of its RI3K Data Exchange service (RDX). “This is an entry-level solution for passing ACORD xml data and documents from RI3K directly to users’ own management information or processing systems,” the bulletin explained, adding that the “data messages and documents are free.”
The bulletin noted that in the past “RI3K has forwarded its ACORD output via 3rd party solutions, for companies seeking data from multiple sources. This has been seen as barrier to messaging by other companies who do not get data from any other external sources.”
However, RI3K’s Chief Executive Alex Letts noted that the “Water Trace Research Report published in March 2008 highlighted that most carriers were not profiting from electronic placement because they could not easily take in the data and documents. Everything has been stuck for 24 months for those for whom data messaging seems too complex and expensive.”
He added that, “RDX takes a standard internet transport mechanism to get ACORD xml data and the documents to carriers, and, it comes in real-time almost like a news feed. It’s one of these things that seems so obvious now with the benefit of hindsight”.
RI3K noted that this solution is only delivering data from risks traded on RI3K. “RDX is certainly not the panacea for market-wide data messaging, for which there are plenty of reputable solutions available or planned,” Letts added. “But we have more than 5500 users in 250 companies, and right now 95% of them have no way to accept RI3K’s ACORD xml data in a cost effective way into their own environment. This needed to be addressed urgently and cheaply”.
In addition he indicated: “Market modernization has to cater for all budgets, large and small and document and data delivery is a responsibility, not a revenue stream. As such, RDX is an ACORD entry-level solution for the majority who need to use RI3K data only. This does not detract from our support for ACORD one-way messaging solutions via message hubs, or the ACORD 2-way messaging solutions.”
Source: RI3K – www.ri3k.com
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