BBVA CIB requires valuations of complex transactions, risk scenarios and regulatory requirements, and the new platform will provide enhanced computing power to enable rapid, precise, and effective calculations

Vela-Ciudad-BBVA

BBVA head offices in Madrid. (Credit: Banco Bilbao Vizcaya Argentaria, S.A.)

BBVA has selected Amazon Web Services (AWS) to move the most complex operations related to its Corporate and Investment Banking (BBVA CIB) business to the cloud.

According to the company, corporate banking, especially financial markets, require more complex and precise calculations to meet customer demands.

Particularly, BBVA CIB requires the valuations of complex transactions, risk scenarios and regulatory requirements in different business units.

Specialised technologies known as High Performance Computing (HPC) will result in more accurate and rapid valuation processes for corporate and institutional clients.

The new platform will provide enhanced computing power to enable rapid, precise, and effective calculations related to financial markets, said BBVA.

BBVA CIB architecture and infrastructure global head Enrique Checa said: “The flexibility, scalability and possibilities provided by AWS cloud solutions in this project allow us to take a very important technological leap forward and be ready for the future.”

BBVA said that it has teamed up with AWS for HPC workloads and to provide the necessary infrastructure resources to improve the computations.

The company will leverage Amazon Elastic Compute Cloud (Amazon EC2) to drive computing and data processing operations.

The collaboration also enables traders, data scientists and analysts to have the cloud technology resources fully adjusted to real-time needs and demand at any given moment.

It reduces the time to perform valuations of complex operations or risk scenarios, while maximising turnaround time efficiency.

In addition, the new platform and the pay-per-use model will reduce service costs, said BBVA.

AWS Southern Europe global banking head Yves Dupuy said: “BBVA is an example of a company that works with the customer in mind, aiming to make their experience easier.

“By employing AWS’ extensive portfolio of cloud services, BBVA can continue to innovate and launch new financial solutions that will help BBVA CIB expand its business and help make it more efficient using AWS’s global infrastructure that can allow them to accelerate processes, reduce costs, scale quickly and increase flexibility.”

In November 2020, BBVA partnered with Amazon Web Services (AWS) and Bloomberg to develop a new cloud-based technology for BBVA CIB’s equity markets area.

The new platform, dubbed BBVA C-fit, was built around AWS and Bloomberg technologies, to provide an advanced platform for its equity trading team.