Banco Sabadell Pioneers A 100% Digital Banking Model in Mexico With IBM Public Cloud and Red Hat
IBM Services and Red Hat technology to help the bank innovate while reinforcing security and compliance readiness
ARMONK, N.Y. and MEXICO CITY, June 16, 2020 /PRNewswire/ -- Banco Sabadell, the first 100% mobile bank in Mexico, is working with IBM Services (NYSE: IBM) to continue innovating with digital solutions and services. Banco Sabadell will host its infrastructure on the IBM public cloud and use Red Hat Enterprise Linux to modernize applications and deliver innovative services to its customers.
In an increasingly digital economy, technology helps businesses transform and develop new services. Without physical branches, Banco Sabadell has selected IBM Services to help expand and manage its banking as a service model (BaaS). The collaboration is designed to help the bank address their flexibility, scalability and security needs in order to offer an innovative online banking platform aimed at reaching its 1 million clients across the country, while addressing local industry regulations.
One of the bank's main initiatives is the BaaS model, made possible by IBM's API Connect. The solution integrates the bank's APIs, creating a workspace that serves as the first point of contact for fintechs and large companies to collaborate and create new online financial services and apps.
IBM will support Banco Sabadell's IT infrastructure in Mexico, managing its IT operations on the IBM public cloud to allow for a secure, agile and scalable approach to its business transactions. The IBM public cloud is the industry's most secure and open public cloud for business.
Sabadell has migrated its applications to IBM Cloud that can accommodate their high security standards and be adaptable to address continuous regulatory changes. Additionally, IBM Cloud services running on Red Hat Enterprise Linux will offer Banco Sabadell an opportunity to efficiently manage its bank environment with flexibility and speed to help enhance their customer experiences.
"Being pioneers in a bank as a service model has represented a great challenge that required IBM's extensive industry experience," said Banco Sabadell's COO, Fernando Boza. "We have chosen IBM as our global technology partner to support the development of a modern IT infrastructure based on IBM Cloud, which will allow us to continue offering better services and improving client experience."
"We are pleased to be on this pioneering digital journey with Banco Sabadell, Mexico to be the country's very first fully digital bank," said IBM's General Manager, Latin America, Ana Paula Assis. "I'm excited and confident that IBM's secured and open public cloud strategy, combined with our deep financial services industry experience, will help the bank drive innovation around its operations to provide new and enriched experiences for its clients, while helping to reshape the future of banking for the entire territory."
IBM Services has been helping financial institutions around the globe envision the future of banking and deliver customer excellence with cloud technologies. IBM is addressing the industry's key issues like managing data, security, services, and workflows across a hybrid, multi-cloud environment, with a suite of solutions including IBM Multicloud Manager, IBM Cloud Paks, Cloud Garages and Cloud Migration Services. IBM also rolled out the first Financial Services-ready public cloud late last year to help the industry address compliance in a safe, secured, cost effective and responsible manner.
IBM Mexico and Banco Sabadell signed this transaction in IBM's first quarter of 2020.
About Banco Sabadell
With more than three years of operation in Mexico as a Multiple Banking Institution and with a presence in 10 cities in the country. As of December 31, 2019, Banco Sabadell (www.bancosabadell.mx) had a gross placement of 78,840 million pesos, and a fund raising of 42,693 million pesos.
In Mexico, it is the first bank created 100% mobile for individuals and the first banking institution to join the Fintech Association of Mexico, which allows it to enrich its digital strategy and be a pioneer in products with a focus on Banking as a Service. It has a customer centric model and from which its decisions and diversification of its business are derived.
It belongs to the Banco Sabadell Group, the fourth Spanish banking group with total assets that exceed 225,000 million euros. It constitutes a leading franchise in the segment of companies and entrepreneurs with international activity in 20 countries and has more than 2,500 offices and around 26,000 employees.
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Communications, Banco Sabadell
(55) 5262 3200 (ext. 12721)
+1 (845) 490-7582