Luminor Bank is migrating its IT infrastructure to the IBM Cloud for Financial Services platform, as part of a five-year agreement which will see IBM Services help Luminor meet security and regulatory compliance requirements.

The Estonia-headquartered bank says the move will “deliver better outcomes” across business processes, enable “faster” application deployments and “bring agility” to operations.

Established in 2017 after a merger, the bank says it 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 stage is focused on customer-satisfaction and digital transformation and growth, while meeting the security and regulatory requirements of the industry.

The IBM cloud service includes the same confidential computing capabilities found in IBM Z mainframe technology, along with “keep your own key” encryption capabilities delivered via IBM Hyper Protect Services.

This gives enterprises in the cloud the ability to retain control of their own encryption keys so they are the only ones who can control access to their data, said IBM.

Peter Bosek, CEO of Luminor, said: "This strategic partnership is critical to Luminor as we enter the next stage of growth in our transformation programme.

“Working with IBM significantly improves our technological agility and accelerates the digitisation of the business. It will allow us to enhance our products and services for customers by bringing innovative global banking products to the Baltic market.”

Share Story: