Microsoft has announced that SEC Servizi, an IT outsourcing consortium for the Italian banking and financial market, has gone live with a new data warehouse in compliance with the Basel II directive, fully meeting the deadline set by the Bank of Italy.
The technology, which is based on Microsoft SQL Server 2005 and was developed in collaboration with Microsoft partner RDB & Open Systems, will allow Italian customer banks to run credit risk analysis, provide certified data and reports to their risk management desks, and collect and manage all of the required information to comply with the EU financial markets directive.
The project, which started in May 2006, forms part of SEC Servizi’s strategy to invest continually in the development of information technology systems to ensure the highest level of customer service to both its partner and customer banks.
We are extremely delighted with the results of this project, and we are already looking at new ways to apply the data warehouse solution and bring further benefits to our customers, said Luciano Gitti, CEO of SEC Servizi. It is our intention to carry on developing this architecture which, in time, will allow us to widen our offerings to include business intelligence and other types of dimensional analysis.
With the new data warehouse solution, SEC Servizi has now in place a flexible architecture that will help customer banks to comply not only with the current Basel II directive, but also to adopt a proactive approach towards other market regulations, added Anders Abrahamsson, managing director for Microsoft’s EMEA financial services industry unit. With this new, easy-to-use technology, people will be able to carry out their tasks faster and better, further contributing to the company’s success.