Bloomberg Vault Launches Cloud Archiving

Bloomberg has announced the addition of cloud archiving to its Vault platform, designed for clients using IBM's messaging and collaboration software.

Vault integrates with the IBM Lotus Domino server in a cloud environment, streamlining the archive process by utilizing existing server functionality. The maintenance of electronic communications records has been mandated and reinforced by several regulatory rulings of late, both in the US and the European Union. Bloomberg has over 390 financial services clients subscribed to its Vault platform already.

"Growing compliance requirements and an increase in digital communications is driving up the cost of compliance, archiving, and eDiscovery processes, especially for financial services firms," says Harald Collet, global business manager for Bloomberg Vault. "We designed Bloomberg Vault to integrate with IBM Lotus Domino in a secure cloud environment, so we can start to reduce unnecessary IT costs by making the message management, archiving, and compliance process much more efficient."