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SAP will be offering finance and data management tools on the IBM Cloud for Financial Service.
FREMONT, CA: As part of their cooperative endeavour to attract industries to the hybrid cloud, SAP will offer finance and data management tools on the IBM Cloud for Financial Services, the companies announced. Only this past April, IBM made its Cloud for Financial Services generally available. It's built to meet a variety of financial services needs, ranging from regulatory to privacy, while taking into account a variety of workloads and architectures. The cloud already has partner ecosystems of more than 100 ISVs, SaaS providers and FinTechs, including SAP, Adobe, Infosys, Avaya, VMware and Lumin. Financial institutions and their partners will get access to SAP's intelligent suite, which includes SAP S/4HANA capabilities as well as data management solutions like SAP Adaptive Server Enterprise and SAP IQ software, through SAP on the IBM Cloud for Financial Services.
IBM and SAP already have a solid partnership and have assisted hundreds of enterprises in digitising their operations utilising hybrid cloud infrastructures. The fast migration of regulated businesses, such as financial services, to the cloud creates new operational and technological hurdles. The capabilities of IBM Cloud and SAP can assist banks and insurers all over the world in accelerating their digitization journeys and scaling their businesses globally. Given the industry's strict compliance, security, and resiliency needs, expanding the cooperation to service financial companies is a reasonable strategy.
IBM's expansion strategy includes a hybrid cloud strategy. IBM's total cloud revenue increased by 20% in fiscal year 2020, thanks in part to hybrid cloud programmes supplied by IBM-owned Red Hat. IBM announced earlier this month that its cloud business grew steadily in the second quarter, with revenue climbing 13% to $7 billion.