Tata Communications, a global digital ecosystem enabler, on Tuesday announced the launch of ‘IZOTM Financial Cloud, a purpose-built community cloud platform enabling next-gen digital transformation, customized to meet the stringent data privacy and protection compliance and security guidelines defined by India’s regulators for the Banking, Financial Services, and Insurance (BFSI) sector.
Developed on Tata Communications IZOTM Private Cloud, this platform aids in building an open banking ecosystem that offers BFSI and FinTechs, the foundation to enable advanced digital services. According to a company statement, it also allows international banks to expand their footprint in India by meeting the country’s data residency requirements.
With IZOTM Financial Cloud, the financial service providers are able to strengthen their customer’s trust by operating on a platform that is secure, compliant, and supported by a transparent cloud model. It also enriches the end-user experience by enabling BFSIs to launch advanced services with agility.
“This purpose-built cloud platform will assist financial organizations to modernize their legacy systems to support the next-gen banking services and accelerate their digital transformation. It will embed security for data, application, and perimeter to manage industry-specific cyber risks,” it said.
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It will also fuel future growth in the industry by serving as the execution venue for new technologies such as Artificial Intelligence (AI), Machine Learning (ML), and Blockchain.
Rajesh Awasthi, Associate Vice President, and Global Head Managed Hosting and Cloud Services, Tata Communications, said: “Being at the forefront of digital transformation is vital to survive in today’s competitive environment where digital is not only an enabler but a differentiator. Financial institutions in India have significantly shifted to digital, providing a highly personalized digital experience to their consumers with round-the-clock access to banking services through online platforms and mobile apps.”
“We at Tata Communications recognize the journey they are undertaking and aim to assist the financial industry with a catalytic solution. IZOTM Financial Cloud supports to simplify the modernization charter, fuel innovation employing new technologies and plan business continuity through a geo-resilient redundancy to manage disaster situations.”
According to the company, the IZOTM Financial Cloud will help mature the BFSI industry and make it conducive for constant innovation. It will provide resiliency by embedding security controls and adherence to key industry compliances, uptime assurance through high availability of Disaster Recovery (DR) and service assurance through managed cloud infrastructure, and agility to manage dynamic changes in cloud infrastructure requirements and swifter Development and Operations (DevOps) by using emerging technologies.
The IZOTM Financial Cloud Command Portal comes with an integrated dashboard for network, cloud, and security services along with a personalized, proactive notification and timely information-enabled system.