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Local Tech Wire

RESEARCH TRIANGLE PARK, N.C. – IBM (NYSE: IBM) is rolling out a that it believes can help financial systems better deal with data challenges that were encountered as the 2008 Wall Street crisis swept through banks large and small.

Dave Rosenberg, at Cnet, points out:

“Based on a mature model already used by more than 250 banks and 150 insurance companies, the framework provides a methodology for completing gradual core banking transitions on a step by step basis, rather than all at once.

“It also has the fail-safe aspect of being based on a tried and tested method that not only reduces the risk inherent in any transition, but also allows easy standards-based integration with other systems the institution may decide to incorporate at a later date. “

Key parts of the offering, according to IBM:

• Integrated risk management to support a holistic approach to managing financial risk, operational and IT risk, financial crimes detection and prevention, and compliance.
• Customer care & insight to help banks build a foundation for creating a single view of the customer and enabling more effective and efficient sales and service.
• Payments and securities to help banks progressively transform their payments operations to become more flexible and efficient.
• Core banking transformation that allows banks to modernize and renovate existing systems that sustain core banking functions while aligning with the changing needs of the business.

"There is a key need in the banking industry for a common platform that can span multiple areas within an organization and help harmonize the siloed systems that have resulted through years of mergers, acquisitions and piecemeal infrastructure enhancements," said June Yee Felix, general manager of IBM Banking and Financial Markets. "Banks are seeking ways to work smarter and the IBM Banking Framework provides a flexible unified software platform that can help them anticipate and respond to clients needs while reducing the costs of developing, operating and maintaining the systems that span the front, middle and back-office operations."