IBM has partnered with Toronto-based Dream Payments to help financial institutions more quickly deploy mobile payment offerings in the US.
Financial institutions have historically been slow to bring new products to market due to legacy systems and heavy regulations. As Dream Payments provides a solution that allows businesses to sell from anywhere and accept payments from any tablet or mobile device, the goal is to help SMBs and financial institutions deliver mobile solutions faster.
Specifically, IBM and Dream Payments are rolling out Dream Payments Cloud to US financial institutions. Dream Payments Cloud is a scalable platform that enables financial institutions to provide business customers with secure mobile and digital payment services. Delivered via the IBM Cloud, financial institutions can avoid investing in the expensive and lengthy IT projects required to build these services in-house.
“The combination of IBM’s banking and financial services expertise along with IBM Cloud has allowed Dream Payments to build and scale its cloud infrastructure, right down to bare metal hardware access, to maintain bank-grade security, PCI compliance and data sovereignty,” said Chad Whittaker, CIO of Dream Payments.
For example, financial institutions can leverage Dream Payments’ offering to rapidly launch solutions that work with emerging payment technologies like mobile wallets, CHIP cards, and contactless payments.
Dream Payments also plans to leverage IBM Managed Security Services, including IBM QRadar on Cloud, a network security intelligence and analytics offering to help detect and take action against cybersecurity attacks and network breaches and improve their response to incidents.
“Financial service leaders and FinTechs recognize the need for digital reinvention to compete and win in the banking market,” said Frank Attaie, VP of Financial Services at IBM Canada. “IBM provides clients the global cloud footprint and unified architecture they need to navigate regulatory and compliance demands while improving the customer experience.”
Last year, Dream Payments launched a Moncton office to support its growth in the US and Canada. The company also raised a $10 million Series A to focus on its US expansion.