- Boardwalktech Software Corp. (BWLKF, Financial) renews a multi-year license agreement with a top-5 U.S. bank for its Velocity product.
- The Velocity product offers an 8-10x return on investment (ROI) for End User Computing (EUC) remediations.
- Launch of new EUC Asset Tracker aims to enhance risk management and compliance in financial institutions.
Boardwalktech Software Corp. (BWLKF) has successfully renewed a multi-year license agreement with a leading U.S. bank, which ranks among the top five in the nation. This renewal underscores the effectiveness of Boardwalktech's Velocity product, which has demonstrated an impressive 8-10x ROI in End User Computing (EUC) remediations compared to alternative solutions.
In line with its growth strategy, Boardwalktech is expanding its presence within the banking sector. New Proof of Concept (POC) phases are currently underway with significant banking entities in Mexico and another large banking institution, building upon the success showcased with its first major U.S. bank client. This expansion highlights the traction that Velocity is gaining as both a financial and regulatory solution.
To further enhance its offerings, Boardwalktech has introduced the EUC Asset Tracker. This new product works in tandem with the Velocity platform to provide banks with improved risk management capabilities. By automating and monitoring EUC inventory, the EUC Asset Tracker addresses critical compliance challenges faced by financial institutions, where significant resources are allocated yearly.
Statistics reveal that banks typically invest over $11,000 annually per employee on compliance-related costs, dedicating 13.4% of their IT budgets to compliance needs. Boardwalktech's digital ledger technology aims to counter these expenses by offering automated compliance validation and comprehensive audit trails, thus reducing operational risks while enhancing regulatory adherence.
"Our teaming partners have noted an uptick in engagement requests from banks looking to bolster their risk-adjusted compliance frameworks," stated Andrew Duncan, CEO of Boardwalktech. "The launch of our EUC Asset Tracker is a strategic step toward meeting the compliance and operational needs of our financial clients."
Boardwalktech's solutions, embedded with digital ledger technology, allow for real-time data management and control, offering banks a robust tool to mitigate risks and optimize revenue growth within a compliant operational structure.
