Swedbank has signed on with Bloomberg PolarLake's new managed service for enterprise data management.
Swedbank, Sweden's largest bank by number of customers, now uses Bloomberg PolarLake's financial data management service, Bloomberg PolarLake said Thursday.
Bloomberg PolarLake's EDM service acquires, manages and distributes financial data so it can be distributed to risk, trading, and regulatory reporting systems. The managed service model is intended to help firms manage enterprise data processing and administration without incurring the cost of hardware maintenance and software upgrades. In Swedbank's case, Bloomberg PolarLake manages financial data at its PolarLake center in Dublin, then distributes it to Swedbank's internal systems.
"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," Torbjörn Ericsson, chief operating officer of Swedbank's Large Corporates and Institutions Division, said in the news release.
Bloomberg PolarLake acquires information on 22 asset classes from proprietary data streams and third party vendors, then distributes it to clients. SIX Financial Information is among the first data providers to participate in the service, the news release said.