Veda, a major provider of credit information and analysis in Australia and New Zealand, has signed a five year multimillion dollar agreement with IBM for its infrastructure and cloud services.
“The contract reflects the deep partnership between IBM and Veda, and the value that the partnership has delivered to our business," Veda CEO Nerida Caesar says in a statement.
"Being a business based on using data and analytics to provide insights, we are constantly looking at the best way to manage and deliver the most accurate insights to our clients. To this end, we have already deployed one of our systems that supports comprehensive credit reporting (CCR) on IBM’s flexible infrastructure.”
The extended agreement will assist Veda’s growth strategy, as it provides a scalable system to support Veda’s introduction of CCR products in response to the credit industry's most significant reform in recent times.
Amendments to the Privacy Act 1988, CCR require five additional data fields in order to provide a more complete picture of a consumer’s credit activity.
Veda expects that the volume and mix of data relating to credit reporting will grow rapidly as companies realise the benefits of CCR.
This prompted Veda to expand its relationship with IBM, to support the expected growth of data and analysis that CCR will bring.
Veda’s customers range from financial services organisations, utility companies and telecommunications providers, with its core product offering being the provision of credit reports in relation to individuals and businesses.
Veda carries credit information on 20 million individuals and 5.7 million commercial groups in Australia and New Zealand.
“We are excited to support Veda as it navigates through a significant time of transformation within the credit reporting industry. The ability to support clients during phases of critical growth in a complex business environment is what differentiates IBM as the leading infrastructure and cloud service provider,” says Jeffrey Rhoda, general manager, IBM Australia and New Zealand.
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