#USA #Cupertino #Boardwalktech #U.S. Bank #Velocity

Strategic Partnership Renewal

Boardwalktech Software Corp. has solidified its place as a leading digital ledger provider by renewing a vital multi-year licensing agreement with one of the top five banks in the United States. This renewal marks a significant milestone for both companies, as it aims to bolster compliance frameworks that drive efficiency and enhance risk management in the financial sector.

Overview of the Agreement

Initially, the bank implemented Boardwalktech's flagship product, Velocity, in 2024. This advanced digital solution has proven to provide impressive returns on investment (ROI)—estimated at 8 to 10 times for various End User Computing (EUC) remediation processes—outperforming alternative systems currently in use. With the renewal, the bank seeks to spread Velocity across its entire organization, solidifying its role as an integral part of the institution's operational strategy.

As the banking industry faces mounting pressures for compliance alongside the drive for increased efficiency and profitability, Boardwalktech's solutions have emerged as a trusted ally. The Company is witnessing rising interest among banks, spurred by the notable ROI and regulatory compliance capabilities that Velocity offers. Banks are increasingly looking for technologies that allow them to embed compliance as a core function, transforming it from a necessary evil into a strategic asset.

Market Response and New Opportunities

Following the initial deployment and subsequent renewal, the Company has observed a surge in inquiries and interest from other financial institutions. For instance, Boardwalktech recently entered the Proof of Concept (POC) phase in collaboration with a major bank in Mexico. This interest stems from the successful implementation and the demonstrated ROI achieved by the original U.S. bank client, highlighting the effectiveness of Boardwalktech's teaming strategy.

Additionally, the Company has initiated a POC phase with another significant bank, demonstrating the growing momentum behind their solutions. As regulatory landscape changes continue to impact the industry, the need for robust alternative solutions like Boardwalktech’s Velocity will likely expand further.

Launch of Boardwalk EUC Asset Tracker

Alongside the licensing agreement, Boardwalktech has introduced the EUC Asset Tracker, a product extension designed to enhance risk management for EUCs within banks. By tracking these assets across their lifecycle, Boardwalktech is ensuring that compliance remains a priority for financial institutions. The EUC Asset Tracker offers several unique benefits:

1. Tracking EUC Inventory: Allows banks to monitor the completion and remediation stages of EUCs, showcasing the dynamic capabilities of the digital ledger that traditional solutions lack.
2. Regulatory Compliance: Facilitates on-the-spot compliance checks with Enterprise Risk Management (ERM) guidelines, which greatly diminishes operational risks and regulatory penalties.
3. Audit Trail Capabilities: Grants comprehensive auditability and traceability, making regulatory checks more efficient and cost-effective by streamlining data preparation and auditing processes.

Future Prospects and Industry Trends

With the average bank now spending over $11,000 annually per employee on compliance costs, Boardwalktech’s ability to deliver a high ROI through their innovative solutions speaks volumes about the future direction of the financial services sector. According to recent industry reports, banks’ investment in compliance has risen from 9.6% to 13.4% of their IT budgets over recent years, a clear indicator of the critical role compliance plays in today's financial climate.

Boardwalktech’s approach goes beyond mere compliance; it harnesses digital ledger technology to ensure that banks not only meet regulatory requirements but also position themselves for growth. Financial institutions utilizing Boardwalktech's solutions have reported reductions in operational losses from fraud, errors, or system failures, thereby safeguarding capital and enhancing liquidity.

Andrew Duncan, CEO of Boardwalktech, emphasizes the growing demand for their innovative solutions: “Our teaming partners are experiencing heightened interest from banks and financial services to elevate their risk-adjusted compliance capabilities. With the introduction of the EUC Asset Tracker, we aim to strengthen our position as the leading provider of compliance solutions in the banking space.”

This partnership renewal signals a robust commitment to creating solutions that intersect compliance with business growth, ensuring banks navigate the complexities of the modern financial landscape effectively.

Conclusion

As financial institutions continue to evolve, the collaboration between Boardwalktech and leading banks illustrates a promising trend where innovation drives both performance and regulatory adherence. The enhancements brought forth through the EUC Asset Tracker and the renewed partnership with the top-five U.S. bank set the stage for significant advancements in financial technology and compliance solutions.

For further information about Boardwalktech's offerings, visit Boardwalktech's website.