Yesterday at Sibos, IBM (NYSE:IBM) and Tietoevry, an IT software and services company headquartered in Finland, announces a global technology and consulting collaboration for its financial technology software unit Tietoevry Banking, to deliver secure and innovative solutions for payment and transaction technology to banks globally.
Tietoevry Banking provides scalable and modular Banking as a Service and leading software built by unmatched industry expertise, accelerating the digital transformation of financial institutions focused on clients across the Nordics and globally.
In the synergetic partnership, 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 SaaS capabilities to help global banks facilitate card management and payments on an industry cloud embedded with security and compliance controls. The collaboration aims to help banks address the industry’s stringent compliance, security, and resiliency requirements – while supporting business transformation, volume migration to new platforms and innovation.
In addition, IBM Consulting and Tietoevry Banking will work together to help joint clients transform and modernize at scale and support them in their journey to a hybrid cloud. 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 digitization strategy and enhance its payments solution with increased security and scalability.
Payment transactions, card payments and instant payments are a rapidly 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.
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 meet security and compliance requirements while driving innovation.