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New IT Service for the Financial Sector to Showcase at ICT Event this Month

November 17, 2008 - A new service for the financial sector is due to be showcased at the ICT 2008 event on November 25-27. The service is based on reducing the complexity of Grid computing for the end users.

Grid computing is of course no stranger to the financial sector. Most financial institutions use some kind of Grid for number crunching on a massive scale, calculating growth, balancing risk, modelling scenarios, and so on. However running Grids in-house requires local expertise, high maintenance and presents difficulties in managing capacity and demand, maintaining high return on investment (ROI) and ensuring scalability. Italian consulting company INNOVA, in league with Grid computing experts SPACI, financial application developers from UNICAL and banks MPS Capital Services and FINNAT, has developed and founded a Grid-based application service provider (ASP). The service employs ground-breaking technologies to offer the desired and customised application using a stand-alone, front-end application accessible through a web portal, hiding the complexity of the system and placing access to the vast computation resources in the hands of those who need to use them. The ICT 2008 event (http://ec.europa.eu/information_society/events/ict/2008/index_en.htm) is the largest research event in Europe. It is a forum for discussion and influence of European Union priorities in ICT (Information Communication Technologies) research, where over €2 billion of funding will be available in 2009-2010. The event will feature the major current technological trends which impact upon strategic research planning and is aimed at researchers, innovators, engineers, policy and business decision-makers in the field of digital technologies. INNOVA’s Valerio Grosso and SPACI’s Italo Epicoco will be on hand at the event to give a live demonstration of the ASP service. The research was carried in the scope of the BEinGRID research project, which in turn is subsidized by the European Commission. Italo and Valerio will be accompanied by consultants from the computational fluid dynamics and architectural rendering sectors, which have likewise developed innovative solutions to problems frequently found by SMEs. The research was carried within the scope of BEinGRID. So why not come along and meet the experts at the event? They will be at the BEinGRID stand, in the “ICT Gets Smart” exhibition area, stand number G 15(http://ec.europa.eu/information_society/events/ict/2008/index_en.htm).

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