Vermilion Software (‘Vermilion’), the leading global supplier of client reporting and communications software, announced that it has signed terms with leading Danish private bank, Jyske Bank A/S (‘Jyske Bank’).
Jyske Bank conducted a thorough market selection process, including a Proof of Concept (‘PoC’) before choosing Vermilion. Key to the PoC was proving integration with existing portfolio management systems; empowering business-users to create and maintain their own workflows to fit Jyske Bank’s Target Operating Model; and the automatic reuse of both data and commentary across multiple reports to eliminate duplication of effort.
The partnership empowers Jyske Bank to automate the production of client valuations, fund commentaries and PowerPoint presentations, at varying frequencies, for its entire client base. In addition to licensing the Vermilion Reporting Suite, Jyske Bank will also have access to Vermilion’s Data Mart – a ‘virtual data warehouse’ that reduces the expense of development and administration associated with traditional repository architecture.
Founded in 1967, Jyske Bank is the third largest Danish bank in terms of market share. Headquartered in Silkeborg, Jyske has branches in Denmark, France, Germany, Gibraltar, the Netherlands and Switzerland.
“This is a major strategic project for us, streamlining our processes, reducing our operational risk and increasing the visibility of our reporting processes,” said Jacob Jensen, Head of Client Service at Jyske Bank. “With Vermilion Reporting Suite in place, we will be able to improve our service to existing clients whilst decreasing our time to market for both regular and ad-hoc reporting cycles.”
Peter Bruun, Project Manager at Jyske Bank: “Vermilion has been very proactive throughout the selection process and whenever we had a concern they would do whatever was necessary to solve this issue.”
Paul Smillie, Head of Sales EMEA at Vermilion Software: “This agreement opens up a new territory for us, one with a very competitive landscape. We are therefore delighted to have secured this partnership with such a renowned private bank.”