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IBM and SAP will Assist Financial Institutions in Hastening Cloud Adoption in Order to Modernise Operations in a Secure Environment

IBM and SAP SE announced today that SAP would onboard two of its finance and data management products to IBM Cloud for Financial Services, accelerating IBM cloud adoption in the financial services industry. The collaboration will be geared to assist the companies in meeting the industry's high compliance, security, and resiliency standards, as well as to support financial services institutions' business transformation and innovation.

Hybrid cloud environments are becoming increasingly crucial as banks and insurers manage the need to supply innovative services while maintaining the industry's stringent security and regulatory standards. IBM unveiled the IBM Cloud for Financial Services, which has built-in security and compliance controls to assist businesses in reducing risk and regulatory barriers hindering IT landscape modernization, transformation, and innovation.

IBM Cloud for Financial Services provides a highly secure, purpose-built environment in which financial institutions can transact with their technology partners and FinTechs. Clients can utilise onboarded SAP services while meeting regulatory and compliance standards by onboarding to the IBM Cloud for Financial Services. The cloud platform, which is supported by a growing ecosystem of more than 100 partners and FinTechs, is meant to accelerate customers' business transformations by tackling risk in the supply chain for financial institutions and generating new income opportunities.

In the context of their continuous collaboration, IBM and SAP have assisted hundreds of businesses in digitising their operations by utilising an open, hybrid cloud approach. SAP plans to join IBM's ecosystem in order to provide finance risk, operations, and total spend management services on the IBM Cloud for Financial Services.

"The rapid movement of regulated businesses, such as financial services, to the cloud necessitates the identification of new operational and technological difficulties," stated Bob Cummings, Head of SAP Financial Services Sector. "The combination of IBM Cloud and SAP capabilities can assist banks and insurers worldwide in accelerating their digitization journey and scaling their business globally."

"As we continue to add partners like SAP to our growing ecosystem, we're getting closer to generating a meaningful transformation in cloud adoption for the industry, which will eventually help reduce risk throughout the supply chain," said Joel Spieth, General Manager, IBM Cloud for Industries. "With SAP solutions on IBM Cloud for Financial Services, we're assisting financial institutions in modernising, driving innovation, and creating operating efficiencies."

SAP's planned products on the IBM Cloud for Financial Services, when implemented, will provide financial services institutions, their partners, and FinTechs with the following:

The SAP intelligent suite, which includes SAP S/4HANA® solutions: SAP's intelligent enterprise framework includes integrated applications, intelligent technology, and a digital platform to help banks better serve their existing clients.
SAP's strategic data management solutions, include SAP® Adaptive Server Enterprise and SAP IQ software: SAP provides a powerful data platform to improve business agility by combining the strength of in-memory technology with these solutions.

SAP and IBM have hundreds of clients and over 5,500 different products between them. The companies are focused on assisting businesses in modernising their operations and maximising the usage of cutting-edge technologies. Statements on IBM's future direction and intent are subject to change or withdrawal at any time and solely indicate goals and objectives.

About SAP
SAP's objective is to assist each firm in operating as an intelligent enterprise. As a global leader in enterprise application software, we assist businesses of all sizes and industries in performing at their peak: An SAP® system touches 77 percent of the world's transaction revenue. Our machine learning, Internet of Things (IoT), and advanced analytics technologies assist customers in transforming their organisations into intelligent corporations. SAP enables people and companies to gain deep business knowledge and drive collaboration, allowing them to stay ahead of the competition. We simplify technology for businesses so that they may use our tools in the way they want – without disturbance. Our end-to-end suite of applications and services enables commercial and public customers in 25 industries throughout the world to operate profitably, continuously adapt, and make a difference. SAP, through its global network of customers, partners, employees, and thought leaders, makes the world function more smoothly and improves people's lives.

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