Financial Services Cloud
ISV financial services institutions want to capitalise on digital disruption as the banking and other regulated industries become digital-first. New technologies are developing in data, AI, payments, cybersecurity, and risk management. Most new technologies are cloud-born. New ideas are sought by banks. Financial institutions may concentrate on their core business after switching from capital expenditure to operational expenditure. However, cybersecurity, risk, and regulatory issues continue to slow the move from on-prem to public cloud PaaS or SaaS.
Innovation, compliance, risk, and market dynamics are difficult to balance
Many organisations recognise the huge array of innovations public cloud platforms provide, yet financially regulated customers prefer on-prem control and visibility. Security is the biggest risk with public cloud usage, notwithstanding the advantages. Misconfigured clouds are a key attack vector in mega-breaches, which cost $400 million or more. Many organisations fear losing control and security in their on-prem infrastructures if they switch. The banking industry’s digital-first move is positive. Financial institutions must carefully assess the dangers of public cloud adoption and ensure they have the right security measures before moving forward.
ISV Financial Services
Traditional bank and ISV Financial Services application onboarding comprises a screening procedure that includes many critical items:
- A third-party architectural assessment, where the ISV Financial Services must have a cloud deployment and security document.
- A third-party risk management evaluation, where the ISV Financial Services must explain its controls compliance.
- Third-party investment review, where the ISV Financial Services delivers a bill of material detailing what and how services are employed to satisfy compliance standards and pricing points.
- The ISV Financial Services must be ready for all these evaluations, and the onboarding lifecycle takes over 24 months nowadays.
FS Cloud and Validation Program Why?
IBM Financial Services Cloud and ISV Financial Services validation programme solve this challenge by de-risking the partner ecosystem for customers. This speeds cloud integration and delivery. This programme validates, tests, and prepares ISV innovations for safe and compliant deployment. Banks can confidently embrace new cloud products with IBM’s ISV Validation programme and remain ahead in innovation.
Modern governance, common control architecture, and automation are needed to succeed in cloud transition. Security and compliance frameworks vary by industry. Continuous compliance with an industry framework guided by an industry coalition of important banks and other compliance authorities is vital. IBM Cloud Framework for Financial Services meets all these needs and is ideal for that.
IBM Cloud for Financial Services reduces customer risk with visibility, control, regulatory compliance, and best-in-class security. Financial institutions may speed innovation, uncover new income streams, and decrease compliance costs by using pre-validated partners and solutions that meet financial services security and controls. The platform provides on-demand insight for clients, auditors, and regulators, risk management and compliance automation, continuous monitoring, and audit reporting.
They assist ISVs in adapting to cloud and SaaS models and meeting security and regulatory requirements for cloud commerce with financial institutions. IBM’s method reduces compliance and onboarding to under 6 months, a major improvement. This method creates an IBM Cloud for Financial Services-validated ecosystem of ISVs, giving clients a trustworthy vendor network.
Simplified workflow and tools
IBM’s validation programme helps ISVs with a well-defined methodology, tools, technologies, and automation. Their integrated onboarding platform enables a seamless experience. ISVs are guided through the programme from first engagements to final control certification using this platform. Steps by the onboarding platform for ISVs:
Education and orientation
The portal offers self-paced training to familiarise you with IBM Cloud for Financial Services onboarding and validation procedures and technologies. Learn at your own speed and schedule using the self-paced style.
Analysis of ISV Controls
IBM uses the ISV Controls Analysis to examine an organization’s security and risk posture to plan onboarding.
An evaluation of architecture
Architecture assessments analyse ISV cloud environments. The evaluation helps ISVs discover cloud architectural weaknesses and offer best practices to improve cloud compliance and governance.
Plan deployment
Secure ISV application deployment and IBM Cloud workload management. This phase meets organisation security and compliance needs. Offering a complete range of security controls and services to safeguard client data and applications that fulfil secure architectural standards.
Assessing security
The security evaluation compares the proposed business operations’ security controls to improved, industry-specific IBM Cloud for Financial Services Framework control criteria. The process identifies vulnerabilities, threats, and dangers that might affect system security and enables for appropriate security remedies.
Professional advice from IBM and KPMG
IBM team’s advice and assets enhance onboarding in a shared trusted approach. they help ISVs install and test on the IBM Cloud for Financial Services authorised architecture. they assist ISVs with controls evaluation to verify their IBM Cloud for Financial Services application. They want ISVs to fulfil their high criteria and industry norms. They’re also cooperating with security and regulatory compliance leader KPMG to benefit ISVs and customers.
Revenue and cost savings time
This method allows the ISV to launch in less than eight weeks, lowering end-client onboarding time and cost.
Benefits of IBM partnership?
You may access our large financial institution customer base as an ISV. IBM cloud is trusted by 92 of the top 100 banks, providing you a competitive edge.
To enhance your solutions with cutting-edge capabilities, collaborate with IBM architects and developers.
IBM Cloud Catalogue and Red Hat Marketplace provide great opportunities to promote your goods and services to a larger audience.
News Source: ISV Financial Services
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