MUMBAI: Tata Communications, a global digital ecosystem enabler today (July 27) announced the launch of 'IZOTM Financial Cloud, a purpose-built community cloud platform, enabling next-gen digital transformation, customized to meet the stringent data privacy and protection compliance and security guidelines defined by Indians regulators for the Banking, Financial Services and Insurance (BFSI) sector. "This purpose-built cloud platform will assist financial organizations to modernize their legacy systems to support the next-gen banking services and accelerate their digital transformation. It will embed security for data, application, and perimeter to manage industry-specific cyber risks," the company said.

The company adds that , this platform aids in building an open banking ecosystem that offers BFSI and FinTechs, the foundation to enable advanced digital services. It also allows international banks to expand their footprint in India by meeting the country's data residency requirements, said a company statement.

With IZOTM Financial Cloud, the financial service providers are able to strengthen their customer's trust by operating on a platform that is secure, compliant and supported by a transparent cloud model. It also enriches the end-user experience by enabling BFSIs to launch advanced services with agility. Shares of Tata Communications on Tuesday noon session quoted at Rs,1,345.05,  lower by Rs.4.50 from the previous closing price on the NSE.

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