ING expands use of Quartet FS’ in-memory analytics solution across the bank
ActivePivot: cost-effective and flexible analytics solution to help address ING’s operational challenges
London, New York , Paris – 9 February 2012 – Quartet FS (http://quartetfs.com/), the innovative provider of in-memory analytics, today announces that ING has extended its use of Quartet FS’ ActivePivot analytics solution to help solve a range of operational business issues within the bank. ING initially deployed ActivePivot to manage market risk (VaR) and P&L validation, but now has plans to roll out the solution to the bank’s credit department where it will be used for collateral management and CVA (credit value adjustment).
The implementation of ActivePivot represents the first time that ING has used in-memory analytics technology to help solve operational challenges. The solution is able to replace multiple risk applications at a lower cost and providing greater flexibility. Following the success of the initial project, ING has established a dedicated team of analysts and developers to support the roll-out of ActivePivot more widely within the bank.
Marnix van Stiphout, Managing Director at ING, commented: “We implemented ActivePivot in order to manage our market risk in a proactive, actionable and analytical way. However, we have recognised the solution’s powerful potential in helping us solve a number of other operational issues across the business at a much lower cost than the industry’s traditional approach. As a result, we have set up a Centre of Excellence which is responsible for implementing ActivePivot in other parts of the bank.”
Georges Bory, co-Founder and Managing Director of Quartet FS, said: “Over the past 12 months that we have been working together, ING has transformed its use of ActivePivot. What started as a market risk project has now expanded across into other departments of the bank which recognise the potential of ActivePivot in bringing powerful analytics to those responsible for making daily operational decisions. Since ActivePivot is a generic tool and can be quickly integrated into existing architecture to provide proven, flexible, real-time answers, our clients are increasingly using it to meet a wide range of business requirements.”
ING is a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services to over 85 million private, corporate and institutional clients in more than 40 countries. With a diverse workforce of about 107,000 people, ING is dedicated to setting the standard in helping our clients manage their financial future.
About Quartet FS
Quartet FS is a specialist provider of Business Intelligence and analytics technology that enables multi-national companies to make the most of the vast quantities of data they hold by empowering knowledge workers to make informed decisions and take actions in a timely manner.
ActivePivot is our real-time, in-memory and object orientated OLAP aggregation engine which can be easily and quickly integrated into existing architecture to provide proven, flexible, real-time answers that are adaptable to meet a wide range of business requirements.
Our heritage lies in the financial sector but our technology crosses many disciplines including risk management, e-commerce, transportation, telecommunication, logistics, and of course financial markets, all of which demand accurate and current information to perform real-time analysis and render timely decisions.
With offices in Europe, the United States and Asia-Pacific, Quartet FS works with some of the world’s leading financial institutions, including Crédit Agricole, HSBC, UBS, ING, Société Générale, Natixis and WestLB to name just a few.
For more information please visit: http://quartetfs.com/