SYDNEY, Aug. 21, 2014
/PRNewswire/ -- IBM (NYSE: IBM) today announced it has signed
a five-year multimillion dollar agreement with Veda (ASX: VED), a
leading provider of credit information and analysis in Australia and New
Zealand. The agreement extends Veda's existing strategic
outsourcing relationship with IBM, which continues to provide Veda
with a highly reliable and resilient infrastructure, and now
includes cloud services.
"The contract reflects the deep partnership between IBM and
Veda, and the value that the partnership has delivered to our
business," said Veda's CEO Nerida
Caesar. "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."
This extended agreement assists Veda's growth strategy, as it
provides a scalable solution to support Veda's introduction of CCR
products in response to the credit industry's most significant
reform in recent times.
Included as part of the amendments to the Privacy Act 1988, CCR
requires 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. It carries credit information on 20
million individuals and 5.7 million commercial entities 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," said
Jeffrey Rhoda, General
Manager, IBM Australia and New
Zealand.
Veda listed on the Australian Stock Exchange (ASX) in December
last year and is continuing to grow its product and market
portfolio. The IBM project will be a key strategic pillar to
support Veda's growth plans.
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About Veda
Veda (ASX:VED) is a data analytics company
and the leading provider of credit information and analysis in
Australia and New Zealand. From its core credit bureau
business established in 1967, Veda has expanded to deliver a suite
of credit and other analytical products targeted to specific
industry segments.
Veda is built on the largest, most comprehensive and current
data source in Australia and
New Zealand with information on
over 20 million credit active people and 5.7 million commercial
entities. The breadth and depth of our data, and the knowledge it
delivers help customers take a proactive and informed approach in
making decisions.
Veda's customers use data intelligence provided by Veda to make
decisions on credit risk, verify identity and employee background,
reduce identity theft and fraud, and undertake digital marketing
strategies. www.veda.com.au
Media Contact
Nicholas
Smith
IBM External Communications
Phone: 212 671 9653
Email: nssmith@us.ibm.com
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SOURCE IBM