01 November 2016

DNB and Idella conclude ‘right to examine’

In line with the market trend to provide cloud based environments, the Dutch banking authority (De Nederlandsche Bank (DNB)) has made arrangements with large scale cloud providers regarding their services to financial institutions.

These arrangement concern 'right to examine' clauses in contracts between the cloud services provider and the financial instition.

After having made such arrangements succesfully with Microsoft (Azure), Google and Salesforce, the DNB has determined that cloud based services to Idella clients meets requirements set by the regulator.

Idella is the first cloud based SaaS provider in the Netherlands for investment and pension administration software with such such arrangements have been made. The contractual clauses apply to all financial institutions that make use of Idella's cloud based hosting and SaaS services, including any future contracts to be agreed upon.

It goes without saying that Idella is proud of the fact that the DNB analysis of the contract structure between Idella and its clients and the services Idella provides have been awarded with DNB's positive judgement