Quartet FS, the innovative provider of in-memory analytics, today announces that ING has extended its use of Quartet FS' ActivePivot analytics solution to help solve a range of operational business issues within the bank.
ING initially deployed ActivePivot to manage market risk (VaR) and P&L validation, but now has plans to roll out the solution to the bank's credit department where it will be used for collateral management and CVA (credit value adjustment).
The implementation of ActivePivot represents the first time that ING has used in-memory analytics technology to help solve operational challenges. The solution is able to replace multiple risk applications at a lower cost and providing greater flexibility. Following the success of the initial project, ING has established a dedicated team of analysts and developers to support the roll-out of ActivePivot more widely within the bank.
Marnix van Stiphout, Managing Director at ING, commented: "We implemented ActivePivot in order to manage our market risk in a proactive, actionable and analytical way. However, we have recognised the solution's powerful potential in helping us solve a number of other operational issues across the business at a much lower cost than the industry's traditional approach. As a result, we have set up a Centre of Excellence which is responsible for implementing ActivePivot in other parts of the bank."
Georges Bory, co-Founder and Managing Director of Quartet FS, said: "Over the past 12 months that we have been working together, ING has transformed its use of ActivePivot. What started as a market risk project has now expanded across into other departments of the bank which recognise the potential of ActivePivot in bringing powerful analytics to those responsible for making daily operational decisions. Since ActivePivot is a generic tool and can be quickly integrated into existing architecture to provide proven, flexible, real-time answers, our clients are increasingly using it to meet a wide range of business requirements."