IntroductionFinGroove is a fintech product that serves as the financial services specific version of Step Ahead Software's generic data transformation service known as Filegroove. As FinGroove is engineered and customized specifically for the financial services industry it is extremely easy for users in that industry to understand and operate.
PurposeThe basic concept is that FinGroove takes files from a large variety of product providers, extracts the data within them and then generates the useful data into a new file that is produced in a format that is specific to the system that will perform further "downstream" processing on the data.
The possible "downstream" data processing systems include:
- Portfolio managements platform
- Mortgage management platform
- Compliance platform that produces legislatively mandated compliance reports
Due to FinGroove's use in a number of different segments of the financial services industry we use some generic terms to cover similar concepts across the financial services industry.
|Generic term||Applies to specific terms|
|Agent||Financial adviser, Mortgage broker, Insurance broker|
|Agency||Financial advice company, Mortgage brokerage, Insurance brokerage|
When you see one of the generic terms used in this document or in the FinGroove application please be aware that it applies to the specific term in your sector of the financial services industry.