Swedbank and SIX first to back Bloomberg PolarLake EDM service
Swedbank has become the first live user of Bloomberg PolarLake’s managed service model for enterprise data management.
SIX Financial Information is also confirmed as being one of the first providers to supply data to the service – run at arm’s length as a separate operating entity from Bloomberg the information provider.
Bloomberg PolarLake’s centre in Dublin takes in data for 22 asset classes from multiple data sources, including proprietary client systems, Bloomberg and third-party data vendors, and aggregates it for the client.
In the case of Swedbank, its defined business rules and local data formats are applied to its master data feed – its Security Master – at the centre before the data is distributed to Swedbank’s internal systems.
Torbjorn Ericsson, chief operating officer of Swedbank’s Large Corporates and Institutions Division, said the service would enable the bank “to avoid redundant data costs and channel resources toward client needs, as well as managing operational risk and regulatory requirements”.
The PolarLake solution provides “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.”
Bloomberg acquired Dublin-based PolarLake in May last year. “Our managed service model for EDM is now live for Swedbank and ready for prime-time,” said John Randles, Bloomberg PolarLake’s chief executive. “Demand is escalating for a comprehensive service that reduces operational costs and standardises data processing for global financial firms.”