Tata Communications on Tuesday announced the launch of IZO financial cloud platform in India, that aims to enhance performance and security of organisations in the banking and financial services space.
In a statement, the company said the cloud platform, enabling next-generation digital transformation, is tailored to meet stringent data privacy and protection compliance, and security norms defined by India'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 said.
It also enables international banks to expand their footprint in India by meeting the country's data residency requirements.
The cloud platform would assist financial organisations to modernise legacy systems to support the new age banking services and speed up their digital transformation, the company said.
It will embed security for data, application, and perimeter to manage industry specific cyber risks. It will also drive industry growth by serving as the execution venue for new technologies such as Artificial Intelligence (AI), Machine Learning (ML) and Blockchain.
Commenting on the launch, Rajesh Awasthi, Associate Vice President and Global Head, Managed Hosting and Cloud Services - Tata Communications, said, "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 a personalised experience to their consumers with round-the-clock access to banking services through online platforms and mobile apps, he said.
"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," Awasthi added.