WALLDORF, Germany and ARMONK, N.Y. — SAP and IBM are working together to help financial institutions accelerate cloud adoptions and “modernize operations.”
SAP plans to onboard two of its finance and data management solutions to IBM Cloud for Financial Services, according to the companies this week.
The collaboration is intended to help the companies address the finance industry’s “stringent compliance, security, and resiliency requirements,” while supporting “business transformation.”
“The rapid transition of regulated industries, such as financial services, toward the cloud makes it necessary to address new operational and technology challenges,” said Bob Cummings, head of SAP financial services sector.
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IBM Cloud for Financial Services offers a secured, purpose-built environment for financial services institutions to transact with a growing ecosystem of over 100 partners and fintechs.
The cloud platform is designed to speed customers’ business transformations by both addressing risk in the supply chain and opening new revenue opportunities.
SAP intends to join IBM’s ecosystem to deliver finance risk, operations, and total spend management offerings on the IBM Cloud for Financial Services.
“As we continue to add partners, such as SAP, to our growing ecosystem, we’re one step closer to driving a true change in cloud adoption for the industry to ultimately help reduce risk throughout the supply chain,” said Joel Spieth, general manager, IBM Cloud for industries.
IBM and SAP have helped hundreds of companies digitize their operations using an open, hybrid cloud approach.