IBM (NYSE: IBM) announced on Monday it is teaming up with Canadian-based fintech company Dream Payments to bring a new revenue-generating, mobile payment offerings to financial institutions and merchants in the United States through the IBM Cloud.
The technology giant revealed that it and Dream Payments are rolling out Dream Payments Cloud to U.S. financial institutions, which is described as a scalable platform that enables financial institutions to provide business customers with secure mobile and digital payment services that help them go to market faster and improve customer experiences. IBM also reported that with this platform, financial institutions can avoid investing in the expensive and lengthy IT projects required to build these services in-house. Speaking about the collaboration, Chad Whittaker, CIO of Dream Payments, stated:
“The combination of IBM’s banking and financial services expertise along with IBM Cloud has allowed Dream Payments to build and scale its cloud infrastructure, right down to bare metal hardware access, to maintain bank grade security, PCI compliance and data sovereignty.”
Dream Payments is also making plans to use IBM Managed Security Services including IBM QRadar on Cloud, a network security intelligence and analytics offering in an effort to help detect and take action against cybersecurity attacks and network breaches and improve their response to incidents. Frank Attaie, Vice President of Financial Services of IBM Canada, commented:
“Financial service leaders and fintechs recognize the need for digital reinvention to compete and win in the banking market. IBM provides clients the global cloud footprint and unified architecture they need to navigate regulatory and compliance demands while improving the customer experience.”
IBM added that the IBM Cloud now offers a variety of services including AI, Internet of Things, analytics, blockchain, serverless and more. With nearly 60 cloud data centers in 19 countries worldwide, IBM is helping companies securely manage and gain insight from their data when and where they need.