IBM to handle Luminor’s hybrid cloud strategy and strengthen safety and regulatory processes required for the monetary providers trade
ARMONK, N.Y., Jan. 26, 2021 /PRNewswire/ — Luminor Financial institution and IBM (NYSE:IBM) at present introduced a brand new 5 yr settlement was signed in December underneath which IBM Companies will assist Luminor to assist speed up its digital transformation whereas repeatedly strengthening safety and regulatory compliance processes by migrating its IT infrastructure to IBM Cloud for Financial Services. With IBM, Luminor goals to speed up its adoption of next-generation know-how and digital-driven options in a hybrid cloud atmosphere to assist ship higher outcomes throughout enterprise processes, allow quicker utility deployments and convey agility with enhanced safety and resilience.
Luminor is the third largest financial institution within the Baltic area and Estonia, established in 2017 by way of the merger of Nordea’s and DNB’s operations within the Baltics. The financial institution has entered the following stage of its transformation following the profitable migration of its prospects to a brand new frequent banking platform that’s unbiased of former father or mother banks. The following section of development for Luminor is aimed to extend deal with customer-satisfaction, digital transformation and development, whereas repeatedly strengthening safety and regulatory processes required of the trade.
Luminor will create a brand new digital platform as the muse for the financial institution’s future development and digital innovation improvement in an agile and compliance targeted IT atmosphere. The platform will run on IBM Cloud for Monetary Companies which incorporates the IBM Cloud Framework for Monetary Companies, a set of safety and compliance management necessities that permit monetary establishments to confidently host key functions and workloads. The platform additionally consists of the identical industry-leading confidential computing capabilities present in IBM Z, and ‘Hold Your Personal Key’ encryption capabilities delivered through IBM Hyper Shield Companies and backed by the best degree of safety certification commercially obtainable. This offers enterprises the power to retain management of their very own encryption keys so shoppers are the one ones who can management entry to their knowledge.
As a part of the settlement, IBM World Enterprise Companies will present Luminor with deep trade experience and entry to its technological innovation in Cloud, AI and Safety which might improve its capacity to develop new merchandise and digital providers. IBM World Expertise Companies will handle Luminor’s IT operations and assist rework its core banking and integration platform supported by an AI pushed supply mannequin.
Peter Bosek, CEO of Luminor mentioned:
“This partnership is vital to Luminor as we enter the following stage of development in our transformation program; working with IBM can considerably enhance our technological agility and may speed up the digitization of the enterprise. Migrating to the IBM Cloud for Monetary Companies can permit us to boost our services and products for patrons and convey modern world banking merchandise to the Baltic banking market.”
“IBM is bringing a long time of trade expertise and management in safety to assist Luminor rework their operations and convey modern experiences to its prospects,” mentioned Howard Boville, Senior Vice President, IBM Hybrid Cloud. “By adopting IBM Cloud for Monetary Companies, Luminor is ready to take a holistic strategy to safety and tackle their regulatory compliance necessities whereas nonetheless specializing in innovation and enterprise development for the profit its prospects.”
Ilja Sovetov, CTO of Luminor, added:
“We’re happy to accomplice with IBM for this multi-year program. IBM has vanguard capabilities each in know-how operations and in understanding the precise regulatory compliance, safety and resiliency wants for the banking trade. This program may assist pace up the implementation of superior Cybersecurity, Compliance and Regulatory options.”
IBM is a number one supplier of hybrid cloud, knowledge and synthetic intelligence options to the worldwide monetary providers trade. To study extra about IBM’s options and insights for the worldwide banking trade, please go to www.ibm.com/industries/banking-financial-markets
Along with monetary establishments, the IBM Cloud for Monetary Companies ecosystem consists of greater than 75 Unbiased Software program Distributors (ISVs) who’ve agreed to onboard their choices and cloud providers to the platform. For extra data on IBM Cloud for Monetary Companies, go to www.ibm.com/cloud/financial-services
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