News
Announcing A Joint Venture with Financial Crimes Consulting
Hong Kong, June 20, 2012 - Financial Crimes Consulting today announced the formation of a new strategic partnership with Large Scale Systems to launch a number of exciting financial crime related technology solutions.
As business and technology partners, a new joint venture 'Financial Crimes Solutions' has been created which will initially focus on three core offerings:
Financial Crimes Solutions, first initiative to be launched later this year will be online Inland Revenue Service (IRS) Tax Forms (e-IRS-Forms.com), which will allow unconfirmed U.S clients and entities caught under FATCA to electronically submit w-8 BEN or w-9 forms to the new standards issued by the IRS, back to Foreign Financial Institutions (FFIs) or to various intermediaries including Financial Planners, Custodians, Platform Operators or Share Registries.
Anthony Quinn, Director of Financial Crimes Consulting said "financial institutions have been crying out for a solution to enable electronic collection, validation and electronic verification of tax forms which are still paper-based and even though they have been around since 2006, still have very high rejection rates causing client frustration and operational inefficiencies for organisations having to obtain forms void of any errors."
Under FATCA, there are various requirements to refresh a clients FATCA status and e-IRS-Forms.com will facilitate all re-documentation seamlessly with auto reminders, workflow and case management for complete auditability of the process.
The next initiative is a transaction monitoring and reporting solution called 'Reperio' which will offer all the smarts of a sophisticated detection rules and case management platform without the multi-million dollar implementation price tag. Our combined experience implementing transaction management systems for global investment banks, paired with a proven track record for developing transaction rule processing solutions is the perfect platform to develop our solution.
Gideon Vos, Chief Technology Officer said, "Large Scale Systems specializes in building high-performance data processing systems and we have a proven track record in delivering platforms capable of processing millions of records on low-cost hardware. Extending our technology into the AML domain is a natural fit in terms of capability and combined experience"
Our final offering will leverage the social media monitoring platform, www.trackthebuzz.com, which was developed by Large Scale Systems but targeted to a compliance audience in mind since the reputation risks associated with negative social media posts should not be underestimated.
Mr. Quinn said "the old marketing adage, that if you receive good feedback from 1 person, they will pass this on to 7 friends is dead and buried. Nowadays, with 150m blogs and 90m twitter posts a day, any negative comments (including those from your staff) can blow up instantly and be visible for all the world to see". He also added, "regulators are also getting much more switched on to social media compliance monitoring with notices such as 10-06 issued in January 2010 by FINRA (The Financial Industry Regulatory authority), which requires member firms to supervise and archive content posted to social media for business purposes".
Mr. Vos concluded, "Under this strategic partnership we will be able to leverage deep compliance knowledge with cutting edge technology to develop solutions that lead the market. We are very excited about the opportunities that we expect this alliance to bring."
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Announcing The Launch Of The vEnterprise Product Range
Hong Kong, August 13, 2010 - Large Scale Systems today announced the launch of its suite of data virtualization products, CompoMetrix and vEnterprise.
As a proven data integration technique, Data Virtualization is being increasingly adopted by enterprises and government agencies to complement their earlier data consolidation and synchronization investments.
Data Virtualization presents information from various sources as a virtual service, providing a single access point to help manage and view all enterprise data (regardless of data source or physical location). Data Virtualization promotes the concept of creating a data foundation that all potential consumers can build upon, including developers, data miners, management and other traditional users of business data.
The Large Scale Systems product suite enables integration across hundreds of data platforms, including traditional database management systems, text-based content such as spreadsheets and XML files, application API's, Web Services and hardware devices. The result is a virtual relational database that can be queried using standard ANSI SQL via ODBC, or navigated using the supplied Microsoft SharePoint Web Parts which includes dashboard, data browsing and real-time OLAP Cube components.
"The flexibility and scalability of the platform delivers enormous power at a fraction of the cost of rival systems." commented Gideon Vos, founder and CTO of Large Scale Systems, "We offer a cost-effective solution to the complex problem of integrating multiple backend systems. These products enable customers to significantly reduce cost and complexity while adding substantial value to their existing data. "
Large Scale Systems has distributors in the Americas and Asia, and will be looking for additional distributors and resellers to represent its range of products and services.
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About Large Scale Systems
Large Scale Systems is a private company, based in Australia, providing specialised Data Virtualization software using its patended platform. Large Scale Systems currently distributes its products and services across Australasia and the Americas.
CXC Global acquires Large Scale Systems
(Hong Kong- July 2010)
CXC Global Services Limited Asia (CXC Global ) today announced the acquisition of Large Scale Systems Pty Ltd (LSS). Large Scale Systems is a Hong Kong based software company providing specialised data integration products and services within the manufacturing and human capital management market.
The acquisition of Large Scale Systems enables CXC Global to add further data integration services and support that directly compliments the recent acquisition of the Payfields software from Mindkey Asia. Large Scale Systems currently distributes its products and services via partners across the Americas, Africa and Australasia.
The acquisition will increase reach for Large Scale Systems, and the data virtualisation platform it has developed, while enabling CXC Global to offer increased Human Capital Management services through its offices globally.
As a proven data integration technique, Data Virtualisation is being increasingly adopted by enterprises and government agencies to complement their earlier data consolidation and synchronisation investments.
Data Virtualisation presents information from various sources as a virtual service, providing a single access point to help manage and view all enterprise data (regardless of data source or physical location). Data virtualisation promotes the concept of creating a data foundation that all potential consumers can build upon, including developers, data miners, management and other traditional users of business data.
The Large Scale Systems product suite enables integration across hundreds of data platforms, including traditional database management systems, text-based content such as spreadsheets and XML files, application API's, Web Services and hardware devices. The result is a virtual relational database that can be queried using standard ANSI SQL, or navigated using the supplied Microsoft SharePoint Web Parts which includes dash-boarding, data browsing and real-time OLAP Cube components.
Both CXC and Large Scale Systems see the Asian HR Services market maturing with clients looking for more overlap with Technology and Service. They believe integration between backend systems is a key component for increasing the return on investment and lowering overall operating costs.
The union of CXC's and Large Scale Systems' technology, industry and local knowledge along with their global reach adds further to an already compelling offering for customers of all sizes.
"The flexibility and scalability of the platform gives enormous power at a fraction of the cost of rival systems," commented Dave Thomas Chairman of CXC Global, "This investment will enable us to streamline our service offering and add increased value to clients."
Gideon Vos, Managing Director of Large Scale Systems commented, "Large Scale Systems offers a cost-effective integration solution to the traditional problems of integrating multiple backend systems. Our expert knowledge of the Human Capital Management space allows us to deliver a targeted integration platform to customers needing to integrate disparate HR, Payroll, Time and Attendance and ERP systems from multiple vendors. This merger allows us to offer a total solution in the HR space and add the increased value that clients are looking for. "
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ABOUT CXC Global.
CXC GlobalT, a leading supplier of contingent workforce solutions, every day helps thousands of organisations (and individual contractors) decrease costs and increase profits by providing innovative contractor management, compliance, risk mitigation, salary packaging, payroll and remuneration solutions.
Founded in 1992 CXC GlobalT has offices on 5 continents in 20 countries and has led the development of new technologies and initiatives enabling both corporations and individual consultants to adapt in today's high performance work environment.
CXC GlobalT. The global leader in innovative Contractor Remuneration & Contingent Workforce Solutions. Visit www.cxcglobal.com for more information.
About Large Scale Systems
Large Scale Systems is a private company, based in Australia, providing specialised Data Virtualization software using its patended platform. Large Scale Systems currently distributes its products and services across Australasia and the Americas.