ARMONK, N.Y., Jan. 26, 2021 /PRNewswire/ -- Luminor Bank and
IBM (NYSE:IBM) today announced a new five year agreement was signed
in December under which IBM Services will support Luminor to help
accelerate its digital transformation while continuously
strengthening security and regulatory compliance processes by
migrating its IT infrastructure to IBM Cloud for Financial
Services. With IBM, Luminor aims to accelerate its adoption of
next-generation technology and digital-driven solutions in a hybrid
cloud environment to help deliver better outcomes across business
processes, enable faster application deployments and bring agility
with enhanced security and resilience.
Luminor is the third largest bank in the Baltic region and
Estonia, established in 2017
through the merger of Nordea's and DNB's operations in the Baltics.
The bank has entered the next stage of its transformation following
the successful migration of its customers to a new common banking
platform that is independent of former parent banks. The next phase
of growth for Luminor is aimed to increase focus on
customer-satisfaction, digital transformation and growth, while
continuously strengthening security and regulatory processes
required of the industry.
Luminor will create a new digital platform as the foundation for
the bank's future growth and digital innovation development in an
agile and compliance focused IT environment. The platform will run
on IBM Cloud for Financial Services which includes the IBM Cloud
Framework for Financial Services, a set of security and compliance
control requirements that allow financial institutions to
confidently host key applications and workloads. The
platform also includes the same industry-leading confidential
computing capabilities found in IBM Z, and 'Keep Your Own Key'
encryption capabilities delivered via IBM Hyper Protect Services
and backed by the highest level of security certification
commercially available. This gives enterprises the ability to
retain control of their own encryption keys so clients are the only
ones who can control access to their data.
As part of the agreement, IBM Global Business Services will
provide Luminor with deep industry expertise and access to its
technological innovation in Cloud, AI and Security which can
enhance its ability to develop new products and digital
services. IBM Global Technology Services will manage
Luminor's IT operations and help transform its core banking and
integration platform supported by an AI driven delivery model.
Peter Bosek, CEO of Luminor
"This partnership is critical to Luminor as we enter
the next stage of growth in our transformation program; working
with IBM can significantly improve our technological agility and
can accelerate the digitization of the business. Migrating to the
IBM Cloud for Financial Services can allow us to enhance our
products and services for customers and bring innovative global
banking products to the Baltic banking market."
"IBM is bringing decades of industry experience and leadership
in security to help Luminor transform their operations and bring
innovative experiences to its customers," said Howard Boville, Senior Vice President, IBM
Hybrid Cloud. "By adopting IBM Cloud for Financial Services,
Luminor is able to take a holistic approach to security and address
their regulatory compliance requirements while still focusing on
innovation and business growth for the benefit its customers."
Ilja Sovetov, CTO of Luminor,
"We are pleased to partner with IBM for this
multi-year program. IBM has leading edge capabilities both in
technology operations and in understanding the specific regulatory
compliance, security and resiliency needs for the banking industry.
This program can also help speed up the implementation of advanced
Cybersecurity, Compliance and Regulatory solutions."
IBM is a leading provider of hybrid cloud, data and artificial
intelligence solutions to the global financial services industry.
To learn more about IBM's solutions and insights for the global
banking industry, please visit
In addition to financial institutions, the IBM Cloud for
Financial Services ecosystem includes more than 75 Independent
Software Vendors (ISVs) who have agreed to onboard their offerings
and cloud services to the platform. For more information on IBM
Cloud for Financial Services, visit
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