Further expansion into Financial Services Sector for the Boardwalk Velocity Product
CUPERTINO, Calif., April 8, 2024 /CNW/ - (TSXV: BWLK) (OTCQB: BWLKF) - Boardwalktech Software Corp. ("Boardwalktech" or the "Company"), a leading digital ledger platform and enterprise software solutions company, is pleased to announce that the Company has signed an agreement with Tata Consultancy Services ("TCS") the largest IT services and consulting company in India with operations in 46 countries and over 615,000 employees. TCS will be teaming with Boardwalktech to deliver consulting and professional services in the financial services market for the Boardwalk Velocity product. The Velocity product provides a platform for financial institutions of all sizes to rapidly remediate and transform their Excel and Access based End User Computing ("EUC") environments into a compliant, auditable, and scalable solution.
"We are honored to be partnering with TCS to deploy the Boardwalk Velocity solution within an existing large joint US banking client to help them rapidly transform a significant number of EUC's within the bank. The expertise, client access, and man-power that TCS brings to the financial services industry to help improve operations and compliance via the transformation of these EUC's onto the Velocity platform will be a game changer, saving significant costs and time for many banks and financial institutions," said Andrew T. Duncan, CEO of Boardwalktech. "Further, Boardwalktech looks forward to working with TCS to expand Boardwalk Velocity into other global financial institutions."
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 Office of the Comptroller of the Currency and Dodd-Frank risk modeling requirements. By leveraging Velocity's unique data architecture, these end-user solutions can be rapidly transformed onto a compliant managed database platform. These transformations can be completed faster than any other solution currently available in the market with minimal impact to the end users day-to-day operations, all while preserving user reliance on the Excel experience and their existing EUCs. IT partners and financial services customers have reported a 10x improvement in time to deploy and cost to transform using Velocity to remediate small, mid, and highly complex EUCs versus alternative software solutions.
Velocity has an innovative and patented capability to convert Excel data and models into a database application. The platform converts Excel into a full three-tier application stack by absorbing the Excel data/model. It then allows the end user to interact with the data using an innovative "Excel Browser" feature. This feature ensures secure data access by dynamically downloading access-controlled data upon authentication. It wipes the data clean from Excel memory upon closing the file, thus eliminating the security risk associated with Excel. Velocity supports cell, row, column, grid, and workbook-level auditability. It can also capture the auditability of approvals and workflow notifications. These improved auditability, operational and governance features allows financial services firms and banks to continue to use Excel while moving these EUCs into a compliant secure auditable environment.
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.
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.
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SOURCE BoardwalkTech
View original content: http://www.newswire.ca/en/releases/archive/April2024/08/c0229.html
