BBVA moves its investment banking platform to the Amazon Web Services cloud
BBVA chose Amazon Web Services (AWS) to bring the most sophisticated operations in the field of Corporate and investment banking (BBVA CIB). Specifically, the new platform offers greater computing power to make calculations related to financial markets faster, more accurate and more efficient.
According to the entity, in the field of corporate banking and, above all, in the financial markets, there is an increased need for more complex and precise calculations to meet customer demand. And at BBVA CIB, “this need is evident in the assessment of complex operations, risk scenarios and regulatory requirements across different business units.”
It is approached with specialized technologies known as “High Performance Computing” (HPC).where millions of calculations can be performed simultaneously, resulting in more accurate and faster valuation processes for corporate and institutional clients.
This is why BBVA has decided to collaborate with AWS for HPC workloads and provide the infrastructure resources needed to improve these calculations. BBVA explained in a note that it relies on Amazon Elastic Compute Cloud (Amazon EC2) to power computing and data processing processes.
“Through this collaboration, it also provides operators, data scientists and analysts with the flexibility and elasticity to have technological resources in the cloud that are fully adapted to real-time needs and demand at all timesincluding short periods of time for assessing complex operations or risk scenarios, and optimizing the efficiency of delivery times,” he added.
In addition, he pointed out, the use of this new platform and the pay-as-you-go model “will allow BBVA to significantly reduce the costs of the service”..
This agreement allows BBVA to “continue to leverage the capabilities of the cloud to increase the efficiency of the service it provides to its corporate clients in a sustainable manner”. According to 451 Research, the AWS infrastructure is five times more energy efficient than an average European company data center.
For Enrique Checa, global head of architecture and infrastructure at BBVA CIB, “the flexibility, scalability and possibilities that AWS cloud computing solutions offer us in this project allow us to take a leap very important technology and to prepare for the future”.
Yves Dupuy, Head of Global Banking, Southern Europe at AWS, said: “BBVA is an example of a company that works with the customer in mind, with the aim of facilitating their experience. By leveraging AWS’ broad portfolio of cloud services, BBVA can continue to innovate and launch new financial solutions that will help BBVA CIB grow its business and make it more efficient by using AWS’s global infrastructure to speed up processes, reduce costs, scale quickly and increase flexibility.