Tata Communications, a global digital ecosystem enabler, announced the launch of ‘IZO Financial Cloud’, a purpose-built community cloud platform in India- enabling next-gen digital transformation, customised to meet the stringent data privacy and protection compliance and security guidelines defined by the country’s regulators for the Banking, Financial Services and Insurance (BFSI) sector.
Developed on Tata Communications IZO Private Cloud, this platform aids in building an open banking ecosystem that offers BFSI and FinTechs the foundation to enable advanced digital services. It also allows international banks to expand their footprint in India by meeting the country’s data residency requirements.
With IZO 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.
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 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.
“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,” said Rajesh Awasthi, Associate Vice-President and Global Head, Managed Hosting and Cloud Services at Tata Communications. “We, at Tata Communications recognise the journey they are undertaking and aim at assisting the financial industry with a catalytic solution,” he added. “IZO 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.”
According to him, 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. Enterprises today are aggressively looking at achieving competitive operations and customer experiences to get an edge in their offerings and services.
The IZO 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 IZO Financial Cloud Command Portal comes with an integrated dashboard for network, cloud and security services along with a personalised, proactive notification and timely information enabled system.
Tata Communications’ cloud capabilities are underpinned by 17 cloud nodes along with its tier-1 network, which carries around 30% of the world’s Internet routes. Tata Communications has also been awarded the best Managed Multi-cloud service provider of the year by Frost & Sullivan 3 times in a row. The company has partnerships with leading ISPs and major cloud providers.