Finastra unveils enhanced Lending Cloud Service supported by IBM
Rhea-AI Summary
Finastra and IBM (NYSE: IBM) have announced their collaboration on an enhanced cloud-based lending managed services offering. The Lending Cloud Service (LCS) will provide comprehensive services for Finastra's Corporate Lending solutions, supported by IBM for clients in North America and Europe.
The service leverages IBM's generative AI platform watsonx and is delivered on Microsoft Azure. Key features include quick deployment, standardized processes via service automation, enhanced value through cloud economics, and ongoing compliance with market protocols. The cornerstone of LCS is Service Value Management (SVM), focusing on customer-first, continuous improvement approach to managing cloud transformation.
IBM Consulting will provide design, implementation, and ongoing services, aiming to help Finastra expand its business in these regions.
Positive
- Strategic partnership with IBM enhances service delivery capabilities
- Integration of watsonx AI platform potentially improves operational efficiency
- Geographic expansion in North America and Europe markets
- Cost-effective standardization and automation of lending processes
Negative
- None.
News Market Reaction 1 Alert
On the day this news was published, IBM gained 2.16%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
IBM Consulting will deliver comprehensive, cost-effective managed services supported by IBM's watsonx to Finastra clients in
Steve Moe, Head of Technology for Lending at Finastra said, "We are excited to make this announcement as it demonstrates momentum in continuing to provide seamless digital lending solutions to our customers. Part of our approach champions collaboration and tapping into partner core capabilities, and that's what we are doing here. Working with industry giants like IBM gives us huge scale, credible skills and a reliable and quick path to implement offerings that deliver value at speed for our customers."
IBM is providing design and implementation for LCS, leveraging its generative AI for enterprise platform, watsonx, as part of operationally focused IBM Consulting assets, to more efficiently and resiliently manage the new platform. IBM will also provide ongoing services to Finastra's LCS clients in
Shanker Ramamurthy, Global Managing Partner Banking & Financial Markets at IBM Consulting said, "The global banking community is increasingly recognizing the imperative of leveraging exponential technologies, such as generative AI, the flexibility, resilience and security of hybrid cloud, and the exceptional access a robust ecosystem can deliver. The combination of these elements is a truly powerful competitive advantage. IBM is pleased to collaborate with Finastra on its modernized Lending Cloud Service, leveraging Microsoft Azure, which delivers a valuable offering, that provides greater value, automation, resiliency and generative AI powered insights and actions to its corporate clients."
The Lending Cloud Service is delivered on Microsoft Azure and harnesses Finastra's financial services technology expertise and excellence, and proven mission-critical solutions. A cornerstone of the new LCS is Service Value Management (SVM), a customer first, continuous improvement, value-based approach to managing customers' cloud transformation journey. Combined with IBM's established and reliable scalability, availability, and deep application management knowledge, users can benefit from:
- Quick deployment via a most valuable scope and pre-configured standing service
- Simplified and standardized system and business processes via service automation and tooling
- Enhanced value through the economics of cloud and additional features of the application
- Ongoing conformance with market protocols and applicable financial services industry standards
- Deep knowledge and expertise in application management for infrastructure management and resiliency delivered by IBM Consulting
The LCS complements the Finastra suite of leading solutions for end-to-end loan management. For more information click here.
About Finastra
Finastra is a global provider of financial services software applications across Lending, Payments, Treasury and Capital Markets, and Universal (retail and digital) Banking. Committed to unlocking the potential of people, businesses and communities everywhere, its vision is to accelerate the future of open finance through technology and collaboration, and its pioneering approach is why it is trusted by ~8,100 financial institutions, including 45 of the world's top 50 banks. For more information, visit finastra.com.
About IBM
IBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Thousands of government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM's hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM's breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM's long-standing commitment to trust, transparency, responsibility, inclusivity and service. Visit www.ibm.com for more information.
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SOURCE Finastra
FAQ
What services will IBM provide for Finastra's Lending Cloud Service (LCS)?
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