We have summarized this news for you:
- Symphony has established a secure communications platform for financial services. The platform provides a secure host service available across a variety of platforms and devices.
- The company is backed up by big-name Wall Street financial companies such as Bank of America Merrill Lynch, BNY Mellon, BlackRock, Citadel, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, Jefferies, JPMorgan, Maverick, Morgan Stanley, Nomura, and Wells Fargo, resulting in around $66 million of investment.
- Symphony’s product has been designed to plug into existing systems within each financial institution. It facilitates transmission of encrypted messages, thus meeting high security standards, and also meets compliance with financial services industry regulations like FINRA and Sarbanes-Oxley.
- Symphony’s platform can be a one-stop solution to replace communications services like Microsoft Lync and AOL or financial content providers like Thomson Reuters and Bloomberg. It can even go so far as to monitor social media platforms like Twitter for news that may have a financial impact.
- Symphony’s product has been in Alpha phase since last month, available to the 15 funders and 1,000 daily active users. The product will go into Beta phase in April with 10,000 users.