IBM is teaming up with Toronto’s Dream Payments to bring the Canadian fintech company’s revenue generating payment offerings to business customers south of the border.
IBM announced today that Dream Payments will now be supported by IBM’s cloud and security capabilities, bringing its mobile and digital payment services to financial institutions and merchants in the United States.
These emerging payment technologies include mobile wallets, CHIP cards and contactless payments—innovative features that help merchants keep pace with client demands. Using Dream Payments, businesses can skirt the costly and time-consuming IT projects typically needed to build these services in-house.
“Financial service leaders and fintechs recognize the need for digital reinvention to compete and win in the banking market,” said Frank Attaie, IBM Canada’s vice president of financial services, in a release.
“IBM provides clients the global cloud footprint and unified architecture they need to navigate regulatory and compliance demands while improving the customer experience.”
Many fintech startups have partnered with traditional banks to bring digital capabilities to legacy business processes, improving clients’ payment experiences. These partnerships can speed up the delivery of mobile and digital payment solutions, while still ensuring they meet regulatory and security requirements. Dream Payments is leveraging IBM’s security intelligent cloud software QRadar to detect cyber threats and quickly respond.
“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, chief information officer at Dream Payments.
In Canada, Dream Payments’ platform and services are used by national banks and insurance companies, including TD Merchant Solutions and TruShield Insurance.