IBM and Tietoevry announce collaboration

Tuesday 11 October 2022 13:52 CET | News

IBM and Tietoevry have announced a technology and consulting collaboration for its financial technology software unit Tietoevry Banking.

The collaboration is aimed at helping deliver secured and innovative solutions for payment and transaction technology to banks globally.

Tietoevry Banking chose to collaborate with IBM to leverage IBM Cloud for Financial Services and IBM Consulting to help accelerate clients’ hybrid cloud adoption while balancing the need to address security and compliance requirements with driving innovation.

Tietoevry Banking provides scalable and modular Banking-as-a-Service (BaaS) and software built by extensive industry expertise, accelerating the digital transformation of financial institutions focused on clients across the Nordics and globally.

In the collaboration, Tietoevry Banking will onboard its payments software portfolio, such as Card Suite, Payment Hub, Virtual Account Management, Instant Payments Solutions, to IBM Cloud for Financial Services and provide its managed services and Software-as-a-Service (SaaS) capabilities to help global banks facilitate card management and payments on an industry cloud with built in security and compliance controls.

The collaboration aims to help banks address the industry’s compliance, security, and resiliency requirements. In addition, IBM Consulting and Tietoevry Banking will work together to help joint clients transform and modernise at scale and support them in their journey to a hybrid cloud.

IBM and highly regulated industries

IBM has a long history working with clients in highly regulated industries and IBM Cloud for Financial Services was designed to help banks drive innovation and to support security and compliance needs. This initiative with Tietoevry Banking further expands their technology portfolio of financial services ecosystem partners with additional capabilities.

IBM and Tietoevry announce a technology and consulting collaboration for its financial technology software unit Tietoevry Banking.

As part of this work, IBM Consulting will be a global system integrator, implementation partner, and managed operations partner for Tietoevry Banking’s payment software portfolio. IBM Consulting will provide the deep financial services expertise needed to bring long-term value to both existing and future clients and help guide their transformation. This collaboration will also help Tietoevry Banking advance its digitisation strategy and improve its payments solution with security and scalability.

Payment transactions, card payments, and instant payments are a changing and growing industry that affects millions of households globally. As payment transactions continue to grow, cybercrime and data breaches are also on the rise. It has been estimated that financial services may suffer billions of dollars in losses due to cybercrime.

IBM’s research

To help financial institutions with digital transformation, IBM and the Banking Industry Architecture Network (BIAN) have embarked on a multi-year research collaboration to identify and examine best practices in technology infrastructure.

The results from one of their new studies, which sought to understand what sets apart the most successful banks from those who are lagging behind and how technology plays a role in bank profitability, have shown that 79% of banks are still in the foundational stages of their hybrid cloud journey.

The results show that banks who look at business operations holistically are more successful with their digital transformation and their financial performance. This includes utilising modern technology like hybrid cloud as a transformative lever for unlocking business value and artificial intelligence to derive more from their data. Hybrid cloud strategy is particularly important. In fact, according to a recent IBM Transformation Index: State of Cloud study, 71% of financial services organizations that were surveyed thought it was difficult to realise the full potential of a digital transformation without having a solid hybrid cloud strategy in place.

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Keywords: partnership, financial services, payments , transactions , data
Categories: Banking & Fintech
Companies: IBM, Tietoevry
Countries: World
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Banking & Fintech




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