Boardwalk Velocity Product continues expansion
into financial services sector to help mitigate risk due to
end-user computing applications
CUPERTINO, Calif., Sept. 27,
2024 /CNW/ - (TSXV: BWLK) (OTCQB: BWLKF) -
Boardwalktech Software Corp. ("Boardwalktech" or the "Company"), a
leading digital ledger platform and enterprise software solutions
company, and HCLTech, a leading global technology company, are
pleased to announce the expansion of their partnership. HCLTech is
currently engaged with one of the top 5 US banks, helping implement
the Boardwalk Velocity Product.
Banks and insurers of all sizes are facing mounting regulatory
pressure to mitigate the risk associated with end-user computing
applications (EUC's). Until recently, progress with mitigating EUC
risk and improving manual processes within financial institutions
has been hampered by the extensive scale of the problem and the
pervasive reliance on embedded manual solutions like Microsoft
Excel. Considering the evolving regulatory environment regarding
EUC's, the risk management implications impeding both revenue
opportunity and control, and the imposition of fines by regulatory
bodies, financial institutions have come to realize the utmost
importance of prioritizing the transformation of these EUC's into a
secure, compliant and improved environment with proper controls.
The Boardwalk Velocity solution for financial services addresses
these problems and provides a rapid path for mitigation of EUC risk
and improvement of EUC controls across any financial
institution.
"Our collaborative partnership with HCLTech at a prominent US
bank has empowered us to optimize our strategy for the
transformation of these End User Computing systems, resulting in
swift compliance, better risk management supporting revenue
endeavors, and robust data governance with a highly appealing
return on investment," stated Andrew T.
Duncan, Chief Executive Officer at Boardwalktech. "The
Boardwalk Velocity solution focuses on four core areas – improving
process results, time to transformation, reduced cost to implement,
and minimal disruption to users. This enables HCLTech and
Boardwalktech to provide an unparalleled solution that is poised to
remain highly sought-after and indispensable throughout the
financial services industry."
According to IT partners and financial services customers using
Velocity, they have reported a 10x superior performance (in terms
of time to deploy and cost to remediate mid and highly complex
EUCs) versus alternative software solutions currently available in
the market. Poorly integrated and non-compliant EUCs pose a massive
risk management and compliance issue for banks. Financial
institutions utilize thousands of Excel and Access based EUCs for
financial and performance models along with reporting trackers that
must be transformed into an environment to mitigate and manage
capital risk, while being compliant with OCC and Dodd-Frank risk
modeling requirements. By leveraging Velocity's unique data
architecture, financial institutions can rapidly transform these
EUCs onto Velocity's compliant data management platform. These
transformations can be completed faster and with minimal impact to
the end users' day-to-day operations, all while preserving user
reliance on the Excel experience and their existing EUCs. These
improved auditability, operational and governance features allow
financial services firms and banks to continue to use Excel while
moving these EUC's into a compliant, secure and auditable
environment.
About Boardwalktech Software Corp.
Boardwalktech has developed a patented Digital Ledger Technology
Platform currently used by Fortune 500 companies running
mission-critical applications worldwide. Boardwalktech's digital
ledger technology and its unique method of managing vast amounts of
structured and unstructured data is the only platform on the market
today where multiple parties can effectively work on the same data
simultaneously while preserving the fidelity and provenance of the
data. Boardwalktech can deliver collaborative, purpose-built
enterprise information management applications on any device or
user interface with full integration with enterprise systems of
record in a fraction of the time it takes other non-digital ledger
technology-based platforms. Boardwalktech is headquartered in
Cupertino, California with offices
in India and operations in
North America. For more
information on Boardwalktech, visit our website at
www.boardwalktech.com.
Forward-Looking Information and Statements
This press release contains certain "forward-looking
information" within the meaning of applicable Canadian securities
legislation and may also contain statements that may constitute
"forward-looking statements" within the meaning of the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of
1995. Such forward-looking information and statements are not
representative of historical facts or information or current
condition, but instead represent only the Company's beliefs
regarding future events, plans or objectives, many of which, by
their nature, are inherently uncertain and outside of the Company's
control. Generally, such forward-looking information or statements
can be identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or may contain statements that certain actions, events
or results "may", "could", "would", "might" or "will be taken",
"will continue", "will occur" or "will be achieved".
By identifying such information and statements in this manner,
the Company is alerting the reader that such information and
statements are subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
information and statements.
An investment in securities of the Company is speculative and
subject to several risks including, without limitation, the risks
discussed under the heading "Risk Factors" in the Company's filing
statement dated May 30, 2018.
Although the Company has attempted to identify important factors
that could cause actual results to differ materially from those
contained in the forward-looking information and forward-looking
statements, there may be other factors that cause results not to be
as anticipated, estimated or intended.
In connection with the forward-looking information and
forward-looking statements contained in this press release, the
Company has made certain assumptions. Although the Company believes
that the assumptions and factors used in preparing, and the
expectations contained in, the forward-looking information and
statements are reasonable, undue reliance should not be placed on
such information and statements, and no assurance or guarantee can
be given that such forward-looking information and statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such information and
statements. The forward-looking information and forward-looking
statements contained in this press release are made as of the date
of this press release, and the Company does not undertake to update
any forward-looking information and/or forward-looking statements
that are contained or referenced herein, except in accordance with
applicable securities laws. All subsequent written and oral
forward- looking information and statements attributable to the
Company or persons acting on its behalf is expressly qualified in
its entirety by this notice.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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SOURCE Boardwalktech Software Corp.
