US-based Payments-as-a-Service solution IBM Payments Centre has joined the Swift Partner Programme to collaborate with Swift members. According to the official press release, through its participation in the Swift Partner Programme, the IBM Payments Centre opens up new avenues for collaboration with all Swift members, including more than 11,000 banking institutions in over 200 countries.

This collaboration enables the IBM Payments Centre to efficiently provide access, integration, and the development of new payment solutions by utilising an expanded set of application user interfaces (APIs) and comprehensive access to API testing materials, documentation, and accreditation status. The IBM Payments Centre is a comprehensive payments-as-a-service solution that employs open, standards-based technologies to provide managed payment and cash management services. It aids financial institutions and other businesses in modernising their payment systems and gaining access to the latest cognitive and AI technologies in a highly secure environment.

The IBM Payments Centre offers end-to-end cloud-based Swift connectivity that complies with Swift's infrastructure and client security program controls. This eliminates the necessity for clients to host and manage the required hardware and software for Swift. Representatives from IBM Consulting talked about the state of the payments industry and mentioned an upcoming transformation that will require modern infrastructure and improved efficiency.

IBM provides a solution to the global Swift community that offers the benefits of cutting-edge technology without the expenses associated with development, maintenance, and compliance. The partnership with Swift aims to leverage the power of IBM and the reach of Swift to deliver value to financial institutions and other businesses that are looking for end-to-end solutions for various payment services. Other developments from IBM IBM is a provider of enterprise AI, hybrid cloud architecture, security and ESG insights to the global financial services sector.

The company's industry expertise, portfolio of services and solutions, and its robust ecosystem of fintech partners aim to support collaboration, innovation, and creation with clients. In September 2023, IBM collaborated with Indian Bank to deploy new front-end banking applications, while addressing the business growth of the CBS workloads for the bank. Through this collaboration, the two entities aimed to achieve greater agility, scalability, and security to meet the bank’s growth requirements in today’s dynamic and competitive market.

As a part of Project PARADISE, Indian Bank wanted to consolidate its Front Branch Servers for improved manageability and availability at their Data Centres (DC) and Disaster Recovery (DR) centres. Additionally, Indian Bank aims to run its Core Banking Solution (CBS) workloads on the latest generation of IBM Power servers. In August 2023, IBM Consulting extended its collaboration with Microsoft to help joint customers accelerate the deployment of generative AI.

The companies focused on helping customers to implement and scale the Azure OpenAI Service, which is available on Azure Marketplace. While being a fully managed AI service, Azure OpenAI allows developers and data scientists to apply large language models, including their GPT and Codex series. The main goal was to help businesses define an adoption strategy and an initial set of specific value-add generative AI use cases.

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