OpenFIGI Integration

What is OpenFIGI?

OpenFIGI is a powerful open-source solution that revolutionizes how financial instruments are identified and managed in accounting and trading systems. The Financial Instrument Global Identifier (FIGI) is an open standard developed by Bloomberg that provides a consistent, unique identification system for virtually any financial instrument across global markets.

The Challenge Solved

Financial institutions and accounting systems face significant challenges when tracking and identifying securities:

• Multiple proprietary identification systems causing data inconsistency

• Expensive subscription fees for traditional identification services like CUSIP

• Data mapping complexities when integrating with various market data providers

• Difficulty maintaining accurate cross-references between different identifier systems

Our OpenFIGI Integration Solution

Our system seamlessly incorporates OpenFIGI's powerful identification capabilities directly into your accounting workflows, offering:

Key Features

• Single and Batch Lookups: Quickly identify securities using CUSIPs, ISINs, or tickers

• Advanced Filtering: Narrow results by exchange, market sector, security type, and currency

• Comprehensive Security Details: Access complete security information including names, descriptions, and markets

• Streamlined Data Management: Eliminate duplicate entries and maintain data integrity

• Cost-Effective Alternative: Free alternative to expensive proprietary identification services

Benefits

• Significant Cost Savings: Eliminate subscription fees associated with CUSIP, saving thousands annually

• Enhanced Data Accuracy: Ensure consistent identification across your entire system

• Improved Integration: Seamlessly connect with trading platforms, custodians, and data providers

• Regulatory Compliance: Meet reporting requirements with standardized identification

• Operational Efficiency: Reduce manual reconciliation and data mapping efforts

The CUSIP Alternative

Unlike CUSIP, which charges substantial licensing fees for accessing and using their identification system, OpenFIGI provides:

• Zero Licensing Fees: Completely free to implement and use

• Open Standard: Developed and maintained by Bloomberg for the financial community

• Global Coverage: Identifies instruments across worldwide markets

• API Access: Easy integration with existing systems

• Comprehensive Data: Same level of detail as proprietary systems at no cost

Implementation Made Simple

Our intuitive user interface makes finding and incorporating FIGIs into your accounting system straightforward:

• User-Friendly Interface: Clean, modern design that requires minimal training

• Flexible Search Options: Find instruments by whatever identifier you already have

• Batch Processing: Update multiple securities simultaneously

• Results Management: Easily select and incorporate the correct matches

• Seamless Integration: Works with your existing accounting and portfolio management systems

By integrating OpenFIGI into your accounting systems, you'll streamline operations, reduce costs, and ensure consistent identification of financial instruments across your organization's ecosystem.

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