Financial technology company FIS says having its Modern Banking Platform on Microsoft Azure is an industry game-changer.
FIS says the partnership combines the latest advancements in cloud security, monitoring, resiliency and operational analytics with a modern, cloud-native core and expands its digital online banking to financial institutions in markets like the United Kingdom, Thailand and New Zealand.
FIS head of enterprise banking Andrew Beatty says the company is incredibly excited for financial organisations in more countries to experience the Modern Banking Platform.
“Teaming with Microsoft allows us to provide a secure, scalable and compliant SaaS solution in the cloud that helps financial institutions adapt to complex and changing regulations in multiple jurisdictions,” he says.
“Deployment via Azure also provides our clients with elasticity, meaning banks can quickly update their infrastructure to adjust to the volume of business. It's a solution that allows us to offer the same high level of support and operations that we currently provide with the FIS private cloud.
The Modern Banking Platform helps banks design, build and deploy new products and services. Through a fully API-enabled platform, FIS real-time solution is cloud-native and provides advanced analytics.
FIS says its service uses artificial intelligence and component-based architecture and is built to be highly configurable while providing next-level security for financial institutions and their customers.
The company says leveraging the cloud is a strategic imperative and a gateway to a data-driven future. According to the Cloud Security Alliance, 91% of financial institutions use cloud services or plan to, and figures from IDC show public cloud spending by financial institutions in APAC, excluding Japan, will more than triple from $4.9bn in 2019 to $18.1bn in 2024.
FIS says banking has become a technology business. While many banks still have legacy systems at their core, they acknowledge the need to embrace core modernisation before getting outpaced by newer fintechs.
The technology business says this new partnership with Microsoft will enable tier 1 global or regional financial institutions to harness cloud-native technologies and compete against other banks.
Microsoft corporate vice president of worldwide financial services Bill Borden says he's pleased to partner with FIS to help more financial institutions modernise their payments and core banking, meet rising customer expectations and drive new value.
“Running on Microsoft Azure, FIS Modern Banking Platform delivers a flexible, data-driven solution to deepen customer relationships and roll out products more quickly, while managing risk effectively,” he says.
In 2021, Microsoft expanded its payments relationship with Worldpay from FIS in Latin America to allow payment processing in the Americas, Europe and the Asia Pacific.