Mr. Andrew Duncan reports

BOARDWALKTECH RENEWS MULTI-YEAR LICENSE AGREEMENT WITH TOP-5 U.S. BANK

Boardwalktech Software Corp. has renewed a multiyear licence agreement with a top-five U.S. bank. The company also provides an update on recent developments and continued progress and expansion within its banking and financial services vertical.

Initially deploying the company's Velocity product in 2024, this top-five U.S. bank has now renewed a multiyear license to expand Velocity across its footprint. Velocity is now an integral part of the bank's strategy as Velocity provides a return on investment (ROI) of eight to 10 times for small-, medium- and high-complex end-user computing (EUC) remediations versus alternatives.

Following this successful deployment, teaming partners and other banks are beginning to cross-sell Velocity into other opportunities. Given the value Velocity can demonstrably provide from both a regulatory as well as financial point of view, interest in new deployments is significantly rising. Some examples of new opportunities include:

• Entered proof-of-concept (POC) phase with a new top bank in Mexico with evaluation software installed: This engagement is a direct byproduct of the progress and ROI demonstrated at the company's first top-five U.S. bank customer as well as a reflection of the success of the company's teaming strategy.
• Entered POC phase with another large bank through an existing teaming partner: The POC is a re-engagement with this bank prospect after it opted to utilize Boardwalk for its new project.
• The company also announces the introduction of the Boardwalk EUC Asset Tracker, a separate product extension that augments Velocity by tracking risk management for EUCs using the Velocity platform specifically for banks. This extension shows both a robust road map for ARR (annual recurring revenue) expansion and, more importantly, is a product that the company's customers need. The company anticipates strong adoption with existing and new customers.

Boardwalktech believes that it is seeing increased traction for Velocity as financial institutions not only want a compliance solution but also a strategic tool that enables them to grow revenue while being compliant -- something the industry calls risk-adjusted compliance. However, even as improving risk management and compliance in banking and financial services continues to be a major objective for financial services companies worldwide, legacy systems have proven to be costly and ineffective. Some reasons for this, as noted by third party research firms, include:

• The average bank spends over $11,000 per employee per year on compliance costs alone that could be executed in a more pro-active and effective manner.
• According to Pymnts.com (June, 2024): "This year showed that compliance has shifted from being a defensive shield to a strategic asset. By embedding compliance into the core of their operations, firms are not just avoiding penalties but helping to build trust, improve efficiency and enhance customer experiences."
• In 2016, banks spent 9.6 per cent of their IT (information technology) budget on compliance, but, in 2023, that figured increased to 13.4 per cent; this is further proof that expensive legacy systems and manual processes were not cost-efficient or effective.

This is why the high ROI offered by Velocity (in terms of cost and time) can now achieve those objectives. Boardwalktech's solutions are targeting risk-adjusted compliance that seeks to not only get EUCs into compliance but support bank and financial institutions efforts to grow revenue in a compliant and risk-improved manner. Boardwalktech achieves this through its time-stamped digital ledger, enabling a trusted repository across divisions (single version of the truth) while providing immutable internal controls -- all required to improve risk management and compliance.

Financial institutions all have thousands of Excel spreadsheets within critical business processes, presenting significant risk if the legacy data management systems fail to include those EUCs on a real-time basis. Financial institutions working directly with Boardwalktech or the company's teaming partner experts using the Velocity platform help companies to reduce operational losses (for example, from fraud, errors or system failures), preserve capital that would otherwise be tied up or lost and improve capital adequacy by lowering risk-weighted assets. As a result, capital is freed, enhancing the bank's balance sheet and boosting confidence among regulators, investors and counterparties -- allowing access to more favourable financing, improved bank liquidity, and increased revenue and profits.

"Our teaming partners are seeing a big increase in inquiries and opportunities to engage and work with banks and financial services companies to improve their risk-adjusted compliance and risk management. Along with the continued advancement with new clients and opportunities in this space, we are excited to announce the introduction of our newest product -- the Boardwalktech EUC Asset Tracker, specifically built for improving control automation of EUCs at banks and financial institutions," said Andrew Duncan, chief executive officer of Boardwalktech.

Boardwalk EUC Asset Tracker

The Boardwalk EUC Asset Tracker is a new product built on the Boardwalk digital ledger technology to track EUC assets across banks and financial institutions over the life of the EUC. Boardwalk has already had success licensing its software for non-banking customers with asset-tracking needs, and today's new addition to the company's product road map for Velocity is configured for EUC and banking needs. When combined with Boardwalk's Velocity solution, the value to banks and financial services companies includes:

• Tracking EUC inventory by stage of completion and remediation over the life of the EUC -- this automated monitoring is a unique benefit of Boardwalk's digital ledger as most solutions are static snapshots;
• Concurrent validation of compliance within ERM (enterprise risk management) guidelines/rules -- this reduces operational risk and compliance violations and improves and automates regulatory compliance and reporting;
• Enables full auditability and traceability, including change management, which improves and streamlines internal and external audit as all changes through the Boardwalk digital ledger are not just time stamped and identified by authorized user but also linked -- producing an immutable audit trail; this also reduces audit costs, both in data preparation and audit sampling.

Compliance tracking for EUC tools -- such as Excel models, Access databases and locally developed scripts -- is critically important in banks due to the inherent operational, regulatory and financial risks these tools pose. Without the proper controls and tracking provided by solutions from Boardwalktech, including the company's new Boardwalktech EUC Asset Tracker, organizations are exposed to potential compliance failures and operational breakdowns. Boardwalktech and its partners are addressing these issues head on and continue to prove that Boardwalktech is the leading provider of EUC transformation and compliance solutions for Excel and Access databases in the banking and financial services industry.

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, Calif., with offices in India and operations in North America.

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