RI3K Launches Data Exchange Service

Electronic trading service RI3K (London) has rolled out its RI3K Data Exchange service (RDX), an entry level solution for passing ACORD XML data and documents from RI3K directly to users' own management information or processing systems. All data messages and documents are free of charge.

In the past, RI3K had forwarded its ACORD output via third-party solutions for companies seeking data from multiple sources. This had been viewed as a barrier to messaging by other companies that didn't receive data from any other external sources. "The WaterTrace 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," says Alex Letts, RI3K's Chief Executive. "Everything has been stuck for 24 months for those for whom data messaging seems too complex and expensive. 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."

RI3K says 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," adds Letts. "But we have more than 5500 users in 250 companies, and right now 95 percent 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."

Peggy Bresnick Kendler has been a writer for 30 years. She has worked as an editor, publicist and school district technology coordinator. During the past decade, Bresnick Kendler has worked for UBM TechWeb on special financialservices technology-centered ... View Full Bio