Banco Bilbao Vizcaya Argentaria (BBVA) is moving some of its investment banking operations to Amazon Web Services' (AWS) cloud.
The Spanish financial services company is working with AWS to provide the high-performance computing (HPC) needed for its more complex applications, including valuations of complex transactions, risk scenarios, and regulatory requirements in different business units.
BBVA will be using Amazon Elastic Compute Cloud (Amazon EC2) for its HPC and data processing operations. According to the company, the scalability of AWS should ‘significantly reduce service costs.’
Enrique Checa, global head of architecture and infrastructure at BBVA, 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.”
The company also recently announced its collaboration with AWS and Bloomberg technologies to produce a cloud-based equity platform called BBVA C-Fit.
BBVA C-Fit can host all processes of the equity desks related to the marking and management of market data used to set prices or manage book risk. The platform combines Amazon Elastic Kubernetes Service and Amazon Managed Streaming for Apache Kafka with Bloomberg’s B-Pipe to render real-time market data over the cloud.
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, aiming to make their experience easier.
BBVA first announced plans to use AWS infrastructure in 2016. The company operates data centers in Madrid, Mexico, and Turkey, and is also a Google Cloud customer.
AWS has seen many enterprises migrating to its cloud platform in recent months. This month, Zurich Insurance Group announced its decision to digitalize with AWS. In December 2022, DCD reported that Nasdaq had completed its AWS migration, and Yahoo was planning to move its advertising technology workloads.