Mark Hurd, President, Oracle
Disruptive technology can reposition companies' operation efficiency and at the same time reduce their IT expenditure. In 5 - 6 short years NYSE Euronet, an operator of financial markets and provider of innovative trading technologies reduced its technology spend by making its architecture talk to each other.
This creates the benefit of scaling in an organization IT infrastructure, NYSE Euronet spent half a million dollars in the first year of implementing a convergence of its technology systems and cut down this spend by 30 percent in the second year. Considering the amount of data the company deals with being in the information service industry, this is a huge cost to save.
Sharing the podium with Oracle's President, Mark Hurd, this morning at the second day of the Oracle Open World conference, Duncan Niederauer, the CEO of NYSE Euronet says NYSE processes USD 2.5 terabytes worth of transactions each day.
"Organizations cannot save costs without spending on IT technology", says Niederauer. "We are in the big data world and IT integration is important for post merger successes".
Banks and financial institutions need to reinvest from their legacy systems to survive; NYSE Euronet has had a ten-year relationship because they value their data business.
There is much more of technology in NYSE Euronet rather than just being in the financial business, the company deals with 185000 messages per second, 2 terabytes of data every single day, USD 2.5 trillion of transactions processed each day, all these stuff has to happen in a secure way. Therefore putting in place a strategy on how NYSE Euronet technology systems will work together is a big deal, latency in which they measured in microseconds has to be secure because most of the business data involved is important to the stakeholders.
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