Digital ledger company Boardwalktech Software said that it has secured renewal of a multi-year license agreement with an undisclosed major US bank.
The extension involves the continued deployment of Boardwalktech’s Velocity product, which is said to have become central to the bank’s strategy by offering substantial returns on investment in resolving end-user computing (EUC) issues.
Velocity is a low-code platform engineered to transform organisations’ Excel-based applications into enterprise-level solutions. It provides data management and process automation services, enabling the automation of repetitive tasks to become collaborative, auditable, streamlined, secure, compliant, and ready for artificial intelligence (AI) data integration.
According to Boardwalktech, the renewed license reflects increased interest and potential cross-selling opportunities for Velocity among other banking institutions. Notable recent developments include the initiation of proof-of-concept (POC) phases with a major Mexican bank and another large financial institution through an existing partner.
Boardwalktech CEO Andrew Duncan said: “Our teaming partners are seeing a big increase in inquiries and opportunities to engage and work with banks and financial services companies to improve their risk-adjusted compliance and risk management.
“Along with the continued advancement with new clients and opportunities in this space, we are excited to announce the introduction of our newest product – the Boardwalktech EUC Asset Tracker, specifically built for improving control automation of EUCs at banks and financial institutions.”
Additionally, Boardwalktech has launched the Boardwalk EUC Asset Tracker, enhancing Velocity by monitoring risk management for EUCs specifically within banking environments. This new product is expected to gain traction among current and prospective clients, further expanding the company’s annual recurring revenue (ARR).
Boardwalktech indicated that financial institutions are increasingly viewing Velocity as not only a compliance solution but also a strategic asset for revenue growth within a compliant framework. Legacy systems have been deemed costly and inadequate, with banks spending significantly on compliance without achieving sufficient efficiency, said the company.
Boardwalktech said that the financial sector’s reliance on spreadsheets poses risks if outdated data management systems fail to include EUCs in real-time processes. By employing its solutions, institutions can reduce operational losses, improve capital adequacy, and enhance their balance sheets, thus boosting confidence among regulators and investors, the firm claimed.
The Boardwalk EUC Asset Tracker is designed to manage EUC assets across banks effectively. It offers automated monitoring, concurrent validation of compliance guidelines, and improved auditability through immutable digital ledger capabilities.
Key benefits include tracking EUC inventory, enhancing regulatory compliance, and streamlining audit processes.
