IBM Signs Cloud Financial Services Deals

IBM this week announced it has signed cloud services deals with two financial services companies in Australia and New Zealand.

Retail and commercial bank Westpac New Zealand has selected IBM to be its private cloud technology provider as the bank embarks on a digital transformation project. The five-year agreement is part of an extensive services and technology contract, which includes Westpac migrating some of its business-critical IT systems into IBM’s Auckland datacenter.  

According to Westpac, the deal with IBM is part of a digital transformation from a traditional bank to one that uses cloud computing, thus enabling it to address key market trends such as social and mobile adoption. In a prepared statement, Westpac’s Interim CIO Jason Millett said IBM’s private cloud platform would further enable increased development of Westpac’s digital capabilities as it responds to customer demands for a more personalised, convenient way of banking.

Additionally, IBM announced it has signed a five-year, multi-million dollar agreement with Veda, a provider of credit information and analysis in Australia and New Zealand. The agreement extends Veda's existing strategic outsourcing relationship with IBM, which will now include cloud services.

Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio