Veda hands IBM a five-year outsourcing deal

Australian credit information services provider Veda has awarded IBM a major outsourcing contract, as it prepares for the anticipated growth in data and analysis generated by new regulatory amendments.

The five-year, multimillion-dollar contract expands Veda's existing infrastructure outsourcing relationship with IBM to also include the supply of cloud services.

Veda is introducing comprehensive credit reporting (CCR) services in response to new regulations introduced as part of amendments to the Privacy Act. These regulations relax some limits on the information that credit-reporting agencies can provide to their clients.

Providing CCR requires the introduction of five new data fields to give a more comprehensive credit history.

Veda expects this to result in a rapid increase in both the volume and mix of data related to credit reporting. The company is turning to IBM to help provide the additional computing power.

“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,” Veda CEO Nerida Caesar said.

“To this end, we have already deployed one of our systems that supports comprehensive CCR on IBM’s flexible infrastructure.”

Veda&’s customers include mainly financial services providers, utility companies and telecom operators, and the company says it can provide credit information on 20 million individuals and 5.7 million commercial entities in Australia and New Zealand.

Image courtesy of Kansir under CC