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New version of Unisys Elevate launched to deliver open banking experience

Open banking allows financial institutions to share data with other organisations and easily access third-party applications and services that they can then offer to customers as a way to personalise and improve the banking experience.

Devdiscourse News Desk | Updated: 24-04-2019 08:15 IST | Created: 24-04-2019 08:15 IST
New version of Unisys Elevate launched to deliver open banking experience
Launched in 2017, Elevate is an end-to-end, digital banking software platform and suite of applications designed to help financial institutions deliver an instantly secure, omnichannel banking experience to their customers. Image Credit: Pixabay

Unisys Corporation (NYSE: UIS) today announced the availability of the latest version of its Unisys Elevate™omnichannel banking software platform, which enables banks to adopt an open banking approach to deliver an unrivalled customer experience. Open banking allows financial institutions to share data with other organisations and easily access third-party applications and services that they can then offer to customers as a way to personalise and improve the banking experience.

Available now, the new release of Elevate includes key components to help financial institutions take advantage of the benefits provided by open banking:

• Data management for personalised offerings: As more data is generated and shared by consumers every day, managing data presents a challenge for many financial organisations. Elevate features an advanced analytics platform that accrues data across all available banking channels and enables the bank to create personalised offers and generate dynamic content based on a customer's spending habits, as well as provide actionable insight into their spending or savings needs.

Application programming interfaces (API) integration: A benefit of open APIs is that they facilitate a bank's ability to integrate new products and services without having to perform a "rip and replace" of legacy applications. However, blending legacy infrastructures with modern tools and technologies via open banking requires changes to existing architecture and increases the complexity of the IT ecosystem. The new version of Elevate features an API portal that facilitates the seamless integration of third-party data and services into a bank's platform without disruption to the bank or the customer.

• Security across multiple touchpoints: Financial institutions must take care to understand the security protocols of the third parties they are doing business with and be assured that their customers' data is secure while in motion and at rest. Elevate is secured by Unisys Stealth®security software, the industry's first and only product with dynamic isolation™ capabilities to quickly isolate devices or users at the first sign of compromise.

"What makes this new version of Elevate truly unique is that it takes the new transaction channels made available by open banking and allows banks to seamlessly integrate them into their offerings," said Maria Allen, vice president and global head of Financial Services, Unisys. "Not only does this enable a truly omnichannel experience where the customer can securely complete a transaction from any location and from any device, but it establishes the bank as an integral part of the customers' life – a 'one-stop-shop' where they can get personalised products and services they want, when they want them."

Given the influx of data associated with an open banking model, security is understandably a big concern for banks. Stealth™ reduces attack surfaces by creating dynamic, identity-driven microsegments called communities of interest (COIs). By establishing secure COIs, Stealth separates trusted systems, users and data from the untrusted. It further reduces attack surfaces by encrypting all communication between Stealth-protected assets and cloaking the assets from unauthorised users.

Importantly, the dynamic isolation capabilities of Stealth allow clients to quickly isolate devices or users at the first sign of compromise, stopping attacks in progress.

Having the ability to not only identify but also isolate threats in a matter of seconds allows an organisation to respond forcefully to attacks without disruption.

Launched in 2017, Elevate is an end-to-end, digital banking software platform and suite of applications designed to help financial institutions deliver an instantly secure, omnichannel banking experience to their customers. As a result, customers will be able to pay their bills on the go, transfer funds and apply for loans and mortgages anytime, anywhere – regardless of whether they are doing so on a mobile device or tablet, via an internet browser or inside a branch. For more information on Unisys Elevate, go to www.unisys.com/elevate.

More than 450 financial institutions worldwide rely on Unisys solutions. Recently, it was announced that Monmouthshire Building Society and Sutherland Mortgage Services signed agreements with Unisys to leverage the Elevate banking platform.


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