Jyske Bank Chooses Vermilion For Client Reporting

Vermilion Software has announced that Jyske Bank has picked its reporting solution after a rigorous market selection process, including a tough proof of concept (PoC). 

Key to the PoC was proving integration with existing portfolio management systems, allowing users to create and maintain their own workflows to fit Jyske Bank's Target Operating Model, and the automatic reuse of both data and commentary across multiple reports to eliminate duplication of effort, the company said in a press release.

Peter Bruun, project manager at Jyske Bank, explains why the firm sought a client reporting solution: "Our reporting at Jyske Bank hasn't received the attention and development it should have over the last years. We were looking to renew our reporting and take it to a whole other level," he said. "We have been working on an old platform for quite a few years, so we have been eager to push on with the reporting solution. The target is to build bespoke reporting for our largest clients, and also to address in the longer term the entire organization."

Bruun says Vermilion stood out among its competitors during the PoC in the selection process. "There were a number of issues we were concerned about; for example, the access integration that would be necessary until we replaced the database," he says. "They were very proactive in going into the issue, and we had a long-term discussion. They came up with three good solutions to address the problem. You simply don't see that from many other pre-sales consultants. And they took that attitude and carried it into the implementation of the project."

Head of client services at Jyske Bank, Jacob Jensen, adds: "It was important to find a provider that could individualize reporting for really large institutional high-net-worth clients. We thought Vermilion gave us the opportunity to have something extra when targeting these clients and fulfilling their needs. There is an increasing focus due to regulation on the information investors need to have about their underlying portfolios.

"But it's also about demand and competition," he says. "What can you deliver and in what kind of package? We saw Vermilion as a company that could really lift our current set-up."

Jyske currently uses Axys, a legacy flat file database system, and has a database in which they perform special calculations, such as Danish mortgage bonds. The bank expects to replace Axys with Advent Geneva by next summer, Bruun says. Jyske will then migrate from Vermilion's Data Mart to its own.

For Vermilion, the deal is another new market for an organically growing business, says Paul Smillie, head of sales for EMEA. "We have been growing at a very strong and steady rate for the past five to 10 years. Denmark is a new market and every time we open up a new market it's great news for the business," he says. "We established a good relationship with Jyske early and the implementation is going well, so hopefully they will be a good reference for us in the future."