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NEWS
Is Finastra’s cloud partnership with IBM astute or risky?
Finastra and IBM have reached an agreement to use IBM Cloud technologies. They plan to bring IBM technology into the Finastra open architecture in the digital retail banking arena to accelerate the process of digitisation
Senior Editor Bill Boyle
Essence core and digital solution on IBM Cloud. The companies will also work towards collaborating on financial crime and Blockchain-based initiatives.
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IBM will support Finastra as it develops retail banking proof of concepts and product demos, including provisioning multiple Watson APIs to infuse cognitive capabilities into its products.
Watson is IBM’s question answering computer system capable of answering questions posed in natural language.
inastra intends to run its FusionBanking
As part of the collaboration, IBM and Finastra intend to share thought leadership, developer and architecture resources around IBM Cloud, Watson and Blockchain technologies. The idea behind this is to create innovations that result in joint revenues through large scale transformational client engagements.
“Our collaboration with Finastra brings together two long-standing industry leaders with a combined 80 years of experience in financial services, said David Wilson, Vice President, IBM Cloud Business Partners. “We envision using our combined strengths to impact more organisations, from the largest banks to the newest crowdsourcing lender, to help them harness the disruptive power of cloud, cognitive and data.”
Nadeem Syed, CEO of Finastra, above, said: “Our open architecture and open approach enables us to embrace a wide ecosystem of partners, and as we enter a new era of banking where collaboration is a must, our relationship with a dominant player like IBM can extend our product offering and enable clients to access enhanced transformation capabilities.”
The intention of this new par APIs enable modularity in large software systems. In turn, modularity enables complex systems to scale, evolve and interoperate. In the past, APIs were an afterthought in the process of building and delivering solutions. But as IT environments have grown more complex, API management has become a
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