The cloud platform allows international banks to expand their footprint in India
To enable next-gen digital transformation, customised to meet the stringent data privacy and protection compliance and security guidelines defined by India’s regulators for the Banking, Financial Services and Insurance (BFSI) sector, Tata Communications, a global digital ecosystem enabler on Tuesday announced the launch of ‘IZOTM Financial Cloud.
Developed on Tata Communications IZOTM Private Cloud, this cloud platform aids in building an open banking ecosystem that offers BFSI and Fin-Techs, the foundation to enable advanced digital services. Also, by meeting the country’s data residency requirements, the cloud platform allows international banks to expand their footprint in India.
The financial service providers, with IZOTM Financial Cloud, are able to strengthen their customers trust by operating on a cloud platform that is secure, compliant and supported by a transparent cloud model. Also, by enabling BFSIs to launch advanced services with agility, it enriches the end-user experience.
“This purpose-built cloud platform will assist financial organisations to modernise their legacy systems to support the next-gen banking services and accelerate their digital transformation. It will embed security for data, application, and perimeter to manage industry specific cyber risks”, it said.
By serving as the execution venue for new technologies such as Artificial Intelligence (AI), Machine Learning (ML) and Block-chain, the cloud platform will also fuel future growth in the industry.
Rajesh Awasthi, Associate Vice President and Global Head, Managed Hosting and Cloud Services, Tata Communications said, “Being at the forefront of digital transformation is vital to survive in today’s competitive environment where digital is not only an enabler but a differentiator. Financial institutions in India have significantly shifted to digital, providing highly personalised digital experience to their consumers with round-the-clock access to banking services through online platforms and mobile apps”.
“We at Tata Communications recognise the journey they are undertaking and aim to assist the financial industry with a catalytic solution. IZOTM Financial Cloud supports to simplify the modernisation charter, fuel innovation employing new technologies and plan business continuity through a geo-resilient redundancy to manage disaster situations”.
According to the company, the IZOTM Financial Cloud will help mature the BFSI industry and make it conducive for constant innovation. It will provide resiliency by embedding security controls and adherence to key industry compliances, uptime assurance through high availability of Disaster Recovery (DR) and service assurance through managed cloud infrastructure, and agility to manage dynamic changes in cloud infrastructure requirements and swifter Development and Operations (DevOps) by using emerging technologies.
Along with a personalised, proactive notification and timely information enabled system, the IZOTM Financial Cloud Command Portal comes with an integrated dashboard for network, cloud and security services.