SBS announced that it has joined the Amazon Web Services (AWS) Independent Software Vendor (ISV) Accelerate Program, a co-sell programme for AWS Partners who provide software solutions that run on or integrate with AWS. The ISV programme helps AWS Partners drive new business and accelerate sales cycles by directly connecting participating ISVs with the AWS sales organisation.
Banks are increasingly migrating to cloud-based architectures due to their expanding AI initiatives, with a projected 20% increase in spending on public cloud services in 2024. Initially focusing on specific areas, financial organisations seek to transition more, if not all, of their services to the cloud. Recognising AI's significance, banks see complete cloud-based infrastructures as essential to leveraging historical data for business growth.
Working with AWS to power its Sopra Banking Platform and Sopra Financing Platform, SBS enables retail, commercial, and corporate banks of any size, as well as financing players in any market, to take a Software-as-a-Service (SaaS)-driven approach to cloud migration and digitisation. SBS’s suite of AWS-powered capabilities digitises operations across the entire banking and financing value chain, including:
Risk Management, Regulation and Reporting: Keeps banks in compliance with market-specific regulatory changes and streamlines communications with stakeholders;
Digital & Open Banking: Enables banks to provide customer onboarding, daily banking, and Open Banking to securely access, analyse, and manage their customers’ data;
Core Banking: Powers day-to-day retail banking services including deposits, lending, payments, and compliance for all of banks’ customers, across all of their locations, from a single, digital platform;
Payments: Banks can easily and securely add new functionality to cover the entire payments value chain including instant payments, request to pay, Open Banking payments, fraud monitoring, payments reporting, and more;
Wholesale Finance: Transforms the legacy and heavily manual processes associated with wholesale asset financing such as loan processing, onboarding new clients, inventory auditing and risk management into automated, digital functionalities.
Commenting on this development, executives from SBS said that the more advanced banks and financial institutions become in their digital journeys, the more they are realising that large-scale, cloud-based architectures are a critical prerequisite for success. Their heightened focus on scaling their work with AWS is a direct response to this need and will enable them to bring their suite of banking and lending solutions to a larger segment of the market.
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