Credit information and analysis provider Veda has extended its outsourcing agreement with IBM, inking a new five-year multimillion dollar contract that adds cloud services.
The contract extension was prompted by expected growth in Veda’s business, following significant reforms in the credit industry.
Amendments to the Privacy Act state that comprehensive credit reporting (CCR) requires five additional data fields to provide a more complete picture of a consumer’s credit activity.
Veda said it expects the volume and mix of data related to credit reporting will grow rapidly as companies realise the benefits of CCR.
“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,” Nerida Caesar, CEO at Veda, said in a statement:
“To this end, we have already deployed one of our systems that support comprehensive credit reporting on IBM’s flexible infrastructure.”
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