IBM has entered into a collaboration with Finnish IT software and services firm Tietoevry for Tietoevry Banking, the latter’s financial technology software unit.
The global technology and consulting partnership aims to support Tietoevry Banking in providing secured and innovative payment and transaction technology solutions to banks around the world.
Tietoevry Banking will leverage IBM Cloud for Financial Services and IBM Consulting to support and expedite customers’ hybrid cloud adoption while balancing the necessity to address security and compliance needs with innovation.
IBM Consulting and Tietoevry Banking will also collaborate to support joint clients in their transition to a hybrid cloud and assist them in transforming and modernising at scale.
IBM global core banking and payments ISV practice CTO Paul Krogdahl said: “This initiative with Tietoevry Banking further expands our technology portfolio of financial services ecosystem partners with additional capabilities.
“We expect to see robust growth in the payments, cards and banking services as a platform space as an increasing number of banks globally choose to consume services as part their business strategy rather than buying or building software on their own.”
As part of the partnership, Tietoevry Banking will onboard its portfolio of payments software to IBM Cloud for Financial Services. The software includes card suite, virtual account management, payment hub, and instant payments solutions.
Tietoevry Banking will offer managed services and SaaS capabilities to help global banks in facilitating card management and payments on an industry cloud with integrated security and compliance controls.
Tietoevry Banking payments head Ilkka Korkiakoski said: “Together with IBM we can offer significant added value to the financial sector: scalable consultancy practice for system integration and volume transition to cloud designed to support regulatory compliance, best practices from the SaaS and SLA industries, automation and flexibility in performance and volumes processing.
“Combining IBM’s state of the art with our deep knowledge in payments and cards is a perfect match to drive the payments industry to the next level. It will open new doors and can extend our footprint and delivery capability outside the Northern Europe.”
Under the terms of the partnership, IBM Consulting will serve as the global system integrator, implementation partner, and managed operations partner for Tietoevry Banking’s payment software portfolio.
Furthermore, the partnership will help Tietoevry Banking in advancing its digitisation strategy and improve its payments solution with more security and scalability.