BBVA has appointed Amazon Web Services (AWS) to bring to the cloud the most sophisticated operations of the Corporate and Investment Banking area (BBVA CIB), which will benefit from greater computing power to make calculations related to the markets financial services are “faster, more accurate and more efficient”.
In the field of corporate banking and, especially, in financial markets, more complex and precise calculations are required to a greater extent to cover customer demand, a need that at BBVA CIB is evident in the valuations of operations complex, risk scenarios, regulatory needs in different business units, as explained by the bank.
Specifically, specialized technologies known as High Performance Computing (HPC) are used, which allow millions of calculations to be made concurrently, “obtaining as a result more precise valuation processes and in less time to put in the hands of corporate and institutional clients ».
Thus, BBVA has decided to collaborate with AWS for HPC workloads, to use the necessary infrastructure resources to improve these calculations.
The financial entity relies on Amazon Elastic Compute Cloud (Amazon EC2) to drive computing and data processing processes.
With this collaboration, operators, data scientists and analysts are also provided with the flexibility and elasticity necessary to have technological resources in the cloud adjusted to the needs and demand in real time at all times, including short periods of time for realization. of valuations of complex operations or risk scenarios, and maximizing efficiency in delivery time.
In addition, the use of this new platform and the pay-per-use model will make it possible to significantly reduce the costs of the service, as indicated by the bank chaired by Carlos Torres Vila.
BBVA has stated that, thanks to this collaboration with AWS – a company with which it has cooperated for more than four years to promote digitization and innovation – it will be able to continue taking advantage of cloud capabilities to increase efficiency in the service it provides to its corporate clients sustainably.
Regarding sustainability, he has indicated that AWS infrastructure is five times more energy efficient than the average European enterprise data center, according to an analysis by 451 Research.
The Global Head of Architecture and Infrastructure at BBVA CIB, Enrique Checa, highlighted that the flexibility, scalability and possibilities” provided by AWS cloud solutions in this project allow BBVA to “take a very relevant technological leap” and prepare for the future.
For his part, the head of Global Banking for Southern Europe at AWS, Yves Dupuy, stated that, using cloud services, BBVA “can continue to innovate and launch new financial solutions that will help BBVA CIB expand its business and make it more efficient” thanks to an infrastructure that helps “accelerate processes, reduce costs, scale quickly and increase flexibility.