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SAP, IBM Advances Hybrid Cloud Services in the Finance Industry

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SAP and IBM are collaborating to accelerate cloud adoption and modernise operations of financial institutions, underpinned by enhanced hybrid cloud services.

Long-term partners SAP and IBM are embarking on a new alliance, this time, to cater to the financial services sector’s increasing demand for cloud technologies. Under the partnership, SAP will be onboarding two of its finance and data management solutions to IBM Cloud for Financial Services to help accelerate the banking and finance industry’s IBM cloud adoption.

Together, the two enterprises will be supporting the business transformation journey of banks and insurers while fulfilling the sector’s stringent compliance, security, and resiliency requirements. Through the alliance, SAP will be able to support the IBM ecosystem with integrated applications and intelligent technologies in delivering finance risk, operations, and total spend management offerings on the IBM Cloud for Financial Services.

Explaining on what the SAP and IBM partnership brings to the banking industry, Bob Cummings, Head of SAP Financial Services Sector, said in a statement:

“The rapid transition of regulated industries, such as financial services, toward the cloud makes it necessary to address new operational and technology challenges. The combination of IBM Cloud and SAP’s capabilities can help banks and insurers around the world to accelerate their digitalisation journey and scale their business globally.”

SAP Onboarding to the IBM Cloud

The latest SAP-IBM cloud partnership will enable financial services institutions, their partners, and FinTechs to gain access to:

  • SAP’s intelligent suite, including SAP S/4HANA solutions, to enable banks to better serve current customers
  • SAP’s solutions for strategic data management, including SAP Adaptive Server Enterprise, and SAP IQ software, to help institutions achieve agility

SAP and IBM have been co-innovating for many decades now, helping many enterprises across various industries to modernise and adapt to the fast-evolving digital economy. In July, the companies have joined forces to deliver the IBM Innovation Center for SAP Solutions that would back enterprises’ digital transformation journey using IBM’s framework “Enterprise Design Thinking” based on hybrid cloud and artificial intelligence (AI) technologies for SAP applications. In the same month, SAP and IBM have also co-innovated to develop the IBM Cognitive Enterprise solution, which provides the intelligent workflows that support data-driven processes with embedded data intelligence and end-to-end process integration. 

Addressing the Need for Hybrid Cloud Services

More and more organisations across various industries are adopting hybrid cloud environments as they experience greater demands, including cloud, social, mobile and analytics, on their company’s IT infrastructure. Enabling organisations to respond to change and drive innovation, multinational tech company IBM provides hybrid cloud services that help customers integrate traditional systems and new architectures such as the cloud into dynamic, open-standards-based enterprise IT environments.

In April, IBM had announced the general availability of its public cloud IBM Cloud for Financial Services to help reduce risk in the supply chain for banks, insurers, and other organisations within the financial services industry while driving innovation. First introduced in 2019 in partnership with Bank of America, the cloud now has a partner ecosystem of more than 100 ISVs, SaaS providers, and FinTechs, including SAP, Adobe, Infosys, Avaya, VMware, and Lumina.

Similarly, SAP has also been catering to the banking and finance industry’s transformation needs leveraging the Intelligent Enterprise framework with SAP solutions for banking in the areas of Digital Customer Engagement, Finance and Risk, Banking Operations, and Total Spend Management. Moreover, SAP continues to deepen its cloud capabilities to support the sector as reflected by the German software company’s recent partnership with Deutsche Boerse, an international exchange organisation and market infrastructure provider, to create a framework for the secure, compliant hosting of sensitive financial data in the cloud.

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