Tata Communications, a global digital ecosystem enabler recently announced the unveiling of ‘IZOTM Financial Cloud, a purpose-built community cloud platform, empowering next-gen digital transformation, modified to see the stringent data privacy and protection compliance and security guidelines defined by Indias regulators for the Banking, Financial Services and Insurance (BFSI) sector.
Established on Tata Communications IZOTM Private Cloud, this platform assistance in edifice an open banking ecosystem those propose BFSI and FinTechs, the foundation to allow advanced digital services. It also allows international banks to expand their mark in India by meeting the country's data residency requirements.
With IZOTM Financial Cloud, the financial service providers are able to strengthen their customers 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.
The statement said, “This purpose-built cloud platform will assist financial organisations to modernise 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 will also bring future evolution in the industry by serving as the execution venue for new technologies such as Artificial Intelligence (AI), Machine Learning (ML) and Blockchain.
"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 highly personalised digital experience to their consumers with round-the-clock access to banking services through online platforms and mobile apps. We at Tata Communications recognise the journey they are undertaking and aim to assist the financial industry with a catalytic solution. IZOTM Financial Cloud supports to simplify the modernisation charter, fuel innovation employing new technologies and plan business continuity through a geo-resilient redundancy to manage disaster situations,” said, Rajesh Awasthi, Associate Vice President and Global Head, Managed Hosting and Cloud Services, Tata Communications.
According to the company, the IZOTM Financial Cloud will help to settle the BFSI industry and make it favourable for endless improvements. It will deliver resiliency by entrenching security controls and adherence to key industry compliances, uptime assurance through high availability of Disaster Recovery (DR) and service guarantee through accomplished cloud infrastructure, and agility to accomplish 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 personalised, practical notification and timely information empowered system.