Jyske Bank, a Danish private bank, has inked terms with Vermilion Software in order to streamline its reporting process.
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The alliance with Vermillion, a supplier of client reporting and communications software, is projected to help the bank automate the production of client valuations, fund commentaries and PowerPoint presentations, at varying frequencies for its clients.
Apart from licensing the Vermilion Reporting Suite, the lender will gain access to Vermilion’s virtual data warehouse through the partnership.
Dubbed Data Mart, the warehouse helps cut down the cost of development and administration related to traditional repository architecture.
Jyske Bank head of client service Jacob Jensen remarked: "This is a major strategic project for us, streamlining our processes, reducing our operational risk and increasing the visibility of our reporting processes.
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By GlobalData"With Vermilion Reporting Suite in place, we will be able to improve our service to existing clients whilst decreasing our time to market for both regular and ad-hoc reporting cycles."
Vermilion was selected following a thorough market selection process carried out by the bank, which included a Proof of Concept (PoC).
The PoC involved proving integration with current portfolio management systems, empowering business-users to create and maintain their own workflows to fit the bank’s target operating model, as well as automatic reuse of data and commentary across multiple reports to phase out duplication of effort.
