New Bloomberg cloud archiving service promises lower compliance costs for financial services firms.
Bloomberg has announced that financial services firms using IBM's messaging and collaboration software can reduce costs and streamline e-mail archiving and compliance by using Bloomberg Vault.
Bloomberg Vault simplifies cloud-based message archiving by taking advantage of native features unique to the IBM Lotus Domino server in order to improve security and reliability, while lowering cloud integration costs. A demo of Bloomberg Vault was available at the Lotusphere conference in Orlando.
Financial institutions are moving to hosted e-mail compliance and archiving services to deal with rising costs, risks and industry regulations, an April 2010 study by Forrester Consulting, commissioned by Bloomberg Vault, has found. Today, more than 390 financial service companies have adopted Bloomberg Vault to manage growing legal and regulatory mandates governing corporate data.
"Growing compliance requirements and an increase in digital communications is driving up the cost of compliance, archiving, and eDiscovery processes, especially for financial services firms," said Harald Collet, global business manager for Bloomberg Vault. "We designed Bloomberg Vault to integrate with IBM Lotus Domino in a secure cloud environment, so we can start to reduce unnecessary IT costs by making the message management, archiving, and compliance process much more efficient."
Michael Waxenberg, the chief technology officer at WestLB AG, the German commercial bank, commented, "We are pleased that Bloomberg Vault supports a fully native integration with IBM Lotus Domino that can assist regulatory and e-discovery processes."
The Bloomberg Vault solution for IBM Lotus Domino provides:
- Superior security for IBM Lotus Notes communications through support for transport-level encryption and IBM Safe ID Technology,
- Automated replication, transport and reconciliation of archived message data in IBM's NSF data format and configured via native Lotus Domino journaling features,
- Message file export capabilities and specialized export template for Lotus Notes communications, Internet e-mail, Bloomberg messages and instant messaging.
“The market for cloud-based archiving services is estimated to reach over $1B in spending in 2012, and is expected to grow at a 24.8 percent compounded growth rate from 2010 to 2015," said Laura DuBois, program vice president at IDC. "Companies tell us they are under a tremendous pressure to reduce the cost of compliance, and Bloomberg Vault’s Lotus Notes support offers companies an uncomplicated solution that also helps to reduce IT costs."
Last July, Bloomberg announced Bloomberg Vault integration with Microsoft Office 365, also for financial services firms.
To learn more about Bloomberg Vault, subscribers to the Bloomberg Professional service may access Bloomberg Vault at BVLT <GO>. Non-subscribers can get more information by contacting Bloomberg Vault sales at+1-212-617-6580, email@example.com or by visiting www.bloomberg.com/vault