Boardwalktech and HCLTech's Strategic Partnership Growth
Boardwalktech and HCLTech's Strategic Partnership Growth
Boardwalktech Software Corp., renowned for its advanced digital ledger platform, has taken an impactful step in financial services by expanding its partnership with HCLTech, a global tech leader. Together, they aim to address the pressing challenges financial institutions face regarding end-user computing (EUC) applications.
Collaboration to Tackle EUC Risks
In the financial sector, banks and insurance companies constantly navigate an ever-evolving regulatory landscape that mandates stringent controls over EUCs. These applications, often relying heavily on traditional solutions like Microsoft Excel, can lead to considerable risk and compliance issues. Boardwalktech's Velocity Product offers a solution to this pressing need by enabling institutions to manage and mitigate EUC risks effectively, ensuring compliance with current regulatory standards.
Transforming Financial Services with Efficiency
The partnership with HCLTech is pivotal as they engage with some of the largest banks in the U.S. to implement the Boardwalk Velocity Product. This collaboration not only aims to enhance strategic approaches towards EUCs but also focuses on rapid compliance and better risk management. CEO Andrew T. Duncan emphasized the four core areas of the Boardwalk Velocity solution: improving process results, speed of transformation, cost-effectiveness, and user experience. This comprehensive approach distinguishes their offering in the competitive financial services industry.
Enhancing Compliance and Governance
Utilizing the Velocity platform, financial institutions have reported remarkable results. Clients are experiencing a tenfold improvement in deployment speed and remediation costs compared to other solutions. The inherent challenges of traditional EUCs—such as poor integration and compliance risks—present significant obstacles for banks. Transforming thousands of Excel and Access-based EUCs into a compliant framework is now achievable with greater efficiency, thanks to Velocity's robust data architecture.
Preserving User Experience During Transformation
One of the standout features of the Velocity platform is its ability to maintain user engagement with familiar tools like Excel while transitioning to a secure and compliant environment. Financial institutions can continue their daily operations with minimal disruption. By enhancing the auditability and governance of their data management, banks can both manage capital risks and comply with essential regulations like OCC and Dodd-Frank requirements.
About Boardwalktech Software Corp.
Headquartered in Cupertino, California, Boardwalktech has established itself as a leader in digital ledger technology. Their platform is used by Fortune 500 companies worldwide to manage critically important applications. With a patented approach that allows multiple parties to work on the same data simultaneously, Boardwalktech excels at ensuring data integrity and provenance while providing fast, collaborative enterprise information management solutions. Their commitment to innovation and efficiency sets them apart in the marketplace.
Frequently Asked Questions
What is the primary goal of the Boardwalktech and HCLTech partnership?
The partnership aims to enhance risk management and compliance within financial institutions by transforming end-user computing applications into more secure and efficient solutions.
How does the Boardwalk Velocity Product improve financial operations?
It accelerates compliance processes, reduces costs associated with managing EUCs, and maintains user familiarity with tools like Excel during the transition to a more compliant system.
What benefits have financial institutions reported using the Velocity platform?
Institutions report a tenfold improvement in deployment and remediation efforts, leading to better compliance and risk management outcomes.
Where is Boardwalktech headquartered?
Boardwalktech is based in Cupertino, California, and operates with additional offices in India and North America.
What is the significance of digital ledger technology?
Digital ledger technology enables better data integrity, collaborative capabilities, and efficiency, which are crucial for managing complex data across many stakeholders.
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