Bloomberg has launched a new cloud-based data archiving and compliance service called Local Vault, which aims to solve the problems of global companies facing strict cross-border data privacy laws.

Local Vault leverages Bloomberg's global network of more than 100 local data centres in more than 55 coutries to offer global companies a scalable and secure solution for managing and archiving corporate messages and digital communications.

The service ensures that various regional and national regulations for data storage and transfer are met, while providing high-scale analytics for Bloomberg's customers.

"We have expertise in providing very time-sensitive and critical services in every corner of the world for our very demanding client base, and to do that we have had to develop expertise in managing a global infrastructure," said Harald Collet, global head of Bloomberg Vault, speaking to Techworld.

"We have this asset that almost no other company in the world can match. And we're leveraging that for this new service that helps our clients take a global solution that's fully integrated and at the same time meet their data privacy concerns around the physical location of data."

Local Vault is an extension of the Bloomberg Vault compliance platform, which offers policy management across 400,000 subscribers' messages - including archiving, indexing and making data discoverable.

The service supports a broad range of data formats including all the flavours of corporate messaging, Microsoft Exchange, Lotus Notes, Office 365, social media and mobile.

"Local Vault is really in response to what our clients have been asking us for, which is a solution that removes the barriers to adoption, particularly those that deal with data privacy, concerns around legal jurisdiction and the transfer of data," said Collet.

With Local Vault, data compliance and archiving policies can be configured at the employee level to abide by prevailing regional regulations across all corporate communications and content, including email, mobile communications, social media content, instant messaging, files, and documents.

Although Bloomberg's traditional strength has been in financial services, the company believes that the need to consistently manage structured and unstructured information with consistent policies is something that cuts across all verticals.

"We particularly think regulated industries - such as pharmaceuticals, utilities and government - are feeling the requirements and we're excited about the opportunity for us there," said Collet.

A recent IDC survey commissioned by the European Commission’s Cloud Partnership initiative foud that legal, regulatory and jurisdictional barriers are preventing organisations from moving data into the cloud.

“European enterprises are looking to cloud providers, such as Bloomberg, to remove the barriers to cloud adoption, including those posed by data privacy mandates," said Chris Dale, founder of the e-Disclosure Information Project in the UK.

"Bloomberg's Local Vault combines the efficiency gains of software-as-a-service (SaaS) with the data privacy controls required by global and European enterprises.”

Bloomberg already has 500 customers in production and expects to see further interest from European firms that are looking to meet their obligations in Europe and global firms based in the US that want a single integrated system for their operations in North America, Europe and Asia.