IBM clinches five-year multi-million dollar Veda deal

The agreement extends Veda's existing outsourcing relationship with IBM

IBM has signed a five-year multi-million dollar agreement credit information provider, Veda, in A/NZ.

The agreement extends Veda's existing strategic outsourcing relationship with IBM.

Veda chief executive, Nerida Caesar, said the contract reflected the deep partnership between IBM and Veda, and the value that the partnership had delivered to our business.

"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," he said.

"To this end, we have already deployed one of our systems that supports comprehensive credit reporting (CCR) on IBM’s flexible infrastructure.” According to a company statement, this extended agreement assists Veda’s growth strategy, as it provides a scalable solution to support its introduction of CCR products in response to the credit industry's most significant reform in recent times.

Included as part of the amendments to the Privacy Act 1988, CCR requires five additional data fields in order to provide a more complete picture of a consumer’s credit activity. Veda expects that the volume and mix of data relating to credit reporting will grow rapidly as companies realise the benefits of CCR.

This prompted Veda to expand its relationship with IBM, to support the expected growth of data and analysis that CCR will bring. Veda’s customers range from financial services organisations, utility companies and telecommunications providers, with its core product offering being the provision of credit reports in relation to individuals and businesses.

Read more: Privacy changes: One in three SMEs now risk $1.7 million fines

It carries credit information on 20 million individuals and 5.7 million commercial entities in Australia and New Zealand. IBM general manager, A/NZ, Jeffrey Rhoda, said the company was excited to support Veda as it navigated through a significant time of transformation within the credit reporting industry.

"The ability to support clients during phases of critical growth in a complex business environment is what differentiates IBM as the leading infrastructure and cloud service provider. Veda listed on the Australian Stock Exchange (ASX) in December last year.

The IBM project will be a key strategic pillar to support Veda’s growth plans, according to a statement.

Read more: Top three tips for a "new era" of Australian privacy: Hitachi

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