Bloomberg PolarLake has launched its enterprise data management (EDM) system on a managed service basis, unveiling Swedbank as its first customer.
Dublin-based company PolarLake, acquired by Bloomberg last year, will now make its EDM system available as a software as a service (SaaS) platform, aimed at reducing upgrade and maintenance costs for customers.
The EDM system pulls together reference data from a number of sources, managing and distributing data in a unified platform to customer's in-house systems.
Since the acquisition in May, Bloomberg PolarLake, which operates independently from Bloomberg, has invested in growing its business, including acquiring its own data centres in Dublin to ensure the secure delivery of the EDM platform. The company has also increased personnel numbers at its Dublin base, as it moves to a multi-tenant approach.
These changes have enabled the company to adapt the way that it delivers EDM to customers, according to John Randles, Bloomberg PolarLake's chief executive officer.
"The industry has struggled with the cost and complexity of EDM," Randles told Computerworld UK. "Rather than continue selling on-premise software implementations, we have built out our own data centres, built our data operations and IT operations teams, and partnered with several data vendors."
Torbjorn Ericsson, chief operating officer of Swedbank’s Large Corporates and Institutions Division, said in a statement that the EDM system will help it to drive efficiencies in its own operations.
“Swedbank prides itself on its customer focus, providing quality services and managing risk exposure across an efficiently run organisation," Ericsson said.
"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."
One of the first companies to provide data as part of the service is financial data vendor SIX Financial Information.
“The Bloomberg PolarLake solution delivers significant advantages in terms of on-boarding new data and managing that data in an intelligent way," said Fritz Hediger, Head of Global Sales for SIX. "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.”