JPMorgan Chase is to act as a reseller for Horizon, an operational risk management application developed in association with California-based software company Versata.
JPMorgan Chase first purchased Versata technology in 1998 to build an operational risk assessment software programme for its own internal use. The bank has since rolled out the finished product to multiple locations worldwide and across several mixed technical environments, including Oracle, Sybase, NT and Unix.
Under the reseller agreement with Versata, JPMorgan Chase will act as an independent software vendor, marketing a shrink-wrapped version of the software to third party banks.
Craig Spielmann, vice president, JPMorganChase, says: "After reviewing several options, including building these tools and applications in-house, we found that the Versata Logic Suite best fit our needs...With Versata's exceptional ease-of-use and performance, we have both accelerated our deployment cycles and streamlined development, and we have created an application that can be resold to third parties."