Financial services firms seeking to reduce the costs of email archiving and compliance will now find that Bloomberg Vault is using IBM’s messaging and collaboration software, according to today’s announcement by Bloomberg.
Bloomberg Vault simplifies cloud-based message archiving by using native features specific to the IBM Lotus Domino server in order to improve security and reliability, while lowering cloud integration costs, according to Bloomberg’s release.
An April 2010 study by Forrester Consulting (commissioned by Bloomberg Vault), found that financial institutions are moving to hosted email compliance and archiving services to deal with rising costs, risks and industry regulations. Today more than 390 financial service companies have adopted Bloomberg Vault to manage growing legal and regulatory mandates governing corporate data, according to the release.
“Growing compliance requirements and an increase in digital communications is driving up the cost of compliance, archiving, and eDiscovery processes, especially for financial services firms," according to Harald Collet, global business manager for Bloomberg Vault, in today’s release., "We designed Bloomberg Vault to integrate with IBM Lotus Domino in a secure cloud environment, so we can start to reduce unnecessary IT costs by making the message management, archiving, and compliance process much more efficient." In the same release, Michael Waxenberg, chief technology officer at WestLB AG, the German commercial bank, commented, "We are pleased that Bloomberg Vault supports a fully native integration with IBM Lotus Domino that can assist regulatory and e-discovery processes."
The Bloomberg Vault solution for IBM Lotus Domino provides: • Advanced security for IBM Lotus Notes communications through support for transport-level encryption and IBM Safe ID Technology,
• Automated replication, transport and reconciliation of archived message data in IBM's NSF data format and configured via native Lotus Domino journaling features,
• Message file export capabilities and specialized export template for Lotus Notes communications, Internet e-mail, Bloomberg messages and instant messaging.
Bloomberg will demo the functionality today and tomorrow (Wednesday) at IBM's Lotusphere conference in Orlando, Florida.