Bloomberg's acquisition of reference data firm PolarLake last year is beginning to bear fruit with Swedbank the first to deploy the platform on a managed service basis.
The new managed service model is designed to help global firms maintain enterprise data processing and administration without incurring the cost of hardware maintenance and software upgrades.
John Randles, Bloomberg PolarLake's CEO says: "Bloomberg PolarLake decided to bring its EDM model to market because demand is escalating for a comprehensive service that reduces operational costs and standardises data processing for global financial firms."
For Swedbank, data for 22 asset classes is aggregated from multiple sources, including proprietary client systems and third-party data vendors, at a dedicated Bloomberg PolarLake facility in Dublin. Swedbank's defined business rules and local data formats are applied to its master data feed at the plant before the data is re-distributed to Swedbank's internal systems.
Torbjorn Ericsson, chief operating officer of Swedbank's large corporates and institutions division, says: "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."
Bloomberg acquired PolarLake in May last year as part of a consolidation trend in the reference data management space, which also saw Markit acquire Cadis and AIM software take over ABI Informatic.