Tata Communications on Tuesday announced the launch of 'IZOTM Financial Cloud', a community cloud platform customised to meet the stringent data privacy, 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. It also allows international banks to expand their footprint in India by meeting the country's data residency requirements, said a company statement.
"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 said.
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: "...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."
The IZOTM Financial Cloud 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 personalised, proactive notification and timely information enabled system.