The VendEx Identifier (VID) standardizes the categorization and identification of all data, establishing provenance and streamlining data transactions.
SAN FRANCISCO, April 25, 2024 /PRNewswire-PRWeb/ — VendEx Solutions today announced it has been granted a patent for the VendEx Identifier (VID), an alphanumeric code standardizing the categorization and identification of data. VendEx is a San Francisco-based SaaS company with offices in New York and Charleston, SC, as well as London, Singapore, and Lund, Sweden.
The VID is a critical foundation for the digital transformation of data management processes and will revolutionize how data and analytics (collectively, “data”) are bought, sold, contracted, and invoiced. It standardizes how data is cataloged and transforms how it is defined for the purposes of understanding data usage rights, a critical market-wide issue. The VID will change how data is contracted and transacted and enable real-time invoice reconciliation processes. Critically, the VID identifies the ownership and provenance of data, which is necessary for the control of intellectual property as generative AI accelerates the demand for data in training large language models.
“The VendEx Identifier functions as a “barcode” for data and identifies data at its most granular level. While developed originally for financial services market data, the VID patent is extensible to all data, with broad application for regulations, contracts, usage rights, invoices, and data catalogs,” said Richard Clements, CEO of VendEx Solutions. “The VID creates transparency and consistency in data descriptions, captures data provenance, and eliminates invoicing frictions that create a financial drag on the market. Financial Services institutions spend hundreds of millions of dollars annually just to manually reconcile invoices for data products and services. The ability to apply this identifier to all data will be the first step in eliminating some of the frictions that are starting to appear in the Artificial Intelligence space.”
About VendEx Solutions
VendEx provides a data and vendor management ecosystem built on a foundation of industry standard identifiers and a digital directory of vendor products and services, powering a suite of sophisticated integrated tools and workflows for both data management and data vendors. VendEx began in financial services and has expanded its solutions for data provenance and usage rights to other data-rich industries as the need for governance around generative AI and LLM explodes.
Leveraging deep industry knowledge, VendEx works with the world’s largest market participants to create, design, and ultimately deploy the only centralized utility with tools built by the industry, for the industry. For more information, visit vendexsolutions.com.
Media Contact
Juli A. Morris, VendEx Solutions, 1 917-750-3694, juli.morris@vendexsolutions.com, https://vendexsolutions.com/
SOURCE VendEx Solutions
