Thomson Reuters and IBM announced a new partnership this Wednesday.
Imaginatively named IBM and Thomson Reuters Regulatory Intelligence, the two firms released a statement saying that their new service will help financial institutions meet compliance standards.
The regulatory intelligence service will be delivered using the IBM Cloud which, as you can probably tell, is the technology giant’s cloud computing service.
IBM already claims to work with 97 percent of the world’s tier-1 banks. Thus, finding new clients to take up the new service shouldn’t be too hard.
In fact, customers using the tech firm’s OpenPages service will have access to the new service starting from today.
Old partnership, new product
This is not the first time that IBM and Reuters have collaborated.
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Four years ago, the two companies announced that they were partnering to deliver solutions and products using those two buzziest of buzzword technologies – artificial intelligence and big data.
Since that partnership was announced, the two firms have worked on problems facing the healthcare industry and broader challenges like data privacy.
The decision to work on a new compliance product seems to have been driven by demand.
According to Reuters, there will be 300 million pages of financial regulations by 2020.
By this author’s estimation, if the average page had 300 words, and a normal person took one minute to read one page, that would mean it would take almost two years of reading, without stopping once, to read through all of those financial regulations.
As that is the case, it’s probably fair to say that products akin to the one offered by Reuters and IBM are needed. And, if you don’t think so, then you better start reading.