Swedbank leads industry with adoption of a next generation EDM model
Today, Bloomberg PolarLake announced that its managed service model for enterprise data management (EDM) is available and currently deployed for Swedbank, Sweden's largest bank by number of customers.
"Our managed service model for EDM is now live for Swedbank and ready for prime-time," said John Randles, Bloomberg PolarLake's Chief Executive Officer. "Bloomberg PolarLake decided to bring its EDM model to market because demand is escalating for a comprehensive service that reduces operational costs and standardizes data processing for global financial firms."
Bloomberg PolarLake's EDM service acquires, manages and distributes large volumes of financial data so it can be distributed to mission critical risk, trading, and regulatory reporting systems. Bloomberg PolarLake defined a unique managed service model for EDM, which helps global firms manage enterprise data processing and administration without incurring the cost of hardware maintenance and software upgrades.
Torbjorn Ericsson, Chief Operating Officer of Swedbank’s Large Corporates and Institutions Division, said, “Swedbank prides itself on its customer focus, providing quality services and managing risk exposure across an efficiently run organization. We selected Bloomberg PolarLake's EDM managed service because it enables us to avoid redundant data costs and channel resources toward client needs, as well as managing operational risk and regulatory requirements."
At Bloomberg PolarLake's EDM Centre of Excellence in Dublin, data for 22 asset classes is aggregated from multiple data sources, including proprietary client systems, Bloomberg and third-party data vendors. Swedbank's defined business rules and local data formats are applied to its master data feed (Security Master) at the Centre of Excellence before the data is distributed to Swedbank's internal systems.
SIX Financial Information is among the first data providers to participate in Bloomberg PolarLake's managed EDM. "We are delighted to be one of the first service providers to participate in Bloomberg PolarLake’s innovative managed EDM model for global financial firms,” said Fritz Hediger, Head of Global Sales for SIX. “The Bloomberg PolarLake solution delivers significant advantages in terms of on-boarding new data and managing that data in an intelligent way. This enhances the structure and linkage of our data services for security master, regulatory compliance, corporate actions and more. By alleviating the overhead and complexity of data management, the managed service model allows customers to focus on adding value to their own services.”
Bloomberg PolarLake operates as an independent subsidiary and it maintains separate facilities and operations staff at its Centre of Excellence facility so it can provide the highest levels of security, privacy and permissioning for the data it receives.