Truist buys Arena platform for data management
According to a Monday (August 22) Press releasethe acquisition will allow Truist “to accelerate its data governance, metadata management, advanced analytics, and artificial intelligence and machine learning (AI/ML) programs.”
As part of the deal, the founder and chief product officer of Zaloni Ben SharmaChief Technology Officer Ashwin Nayak and a group of company product, engineering and data professionals will join Truist’s Enterprise Data Office.
Depending on the release, the Arena platform delivers data for advanced analytics and AI/ML use cases using an “intelligent and collaborative” data catalog, automated governance, and ‘unified observability’ to reduce IT costs and speed up time to insight.
Zaloni CEO Suzanne Cook said the acquisition “validates our philosophy that data is a strategic asset and requires a product-centric mindset and discipline. Our Arena product and incredibly talented employees will serve as a catalyst for Truist, accelerating its growth. and its vision to become a data leader.
Earlier this month, Truist named J. Christopher Ward as new head of its wholesale payments business, including merchant services, cash and commercial card solutions.
Read more: Chris Ward to lead wholesale payments at Truist
A 30-year veteran of the payments industry, Ward joins Truist after 10 years at PNC, where he most recently served as Executive Vice President and Head of Data, Digital and Innovation for Cash Management.
Additionally, in July, the North Carolina-based company unveiled two new account options designed to expand banking services to new customers under the Truist One Banking banner.
See also: Truist launches digital consumer accounts with no overdraft fees
Truist One Checking offers eligible customers a buffer of up to $100 in the event of accidental overspending, while the Truist Confidence Account is a checkless account that allows consumers to access traditional banking services without overdraft fees.