Tech giant IBM has rolled out new developer tools to offer fintech firms the essential building blocks to develop financial services apps on its cloud.

The IBM Cloud for Financial Services will give developers access to application programming interfaces (APIs), data, and content to build and monetise cognitive-enabled apps.

Currently being beta tested, developers will also have the ability to build in customer insights, regulatory compliance analytics, security, privacy and compliance readiness to help reduce the time needed for development and testing.

The new tools can simplify the time-consuming tasks of selection, mapping and data integration, enabling developers to use its services or integrate them with their own data, IBM said.

IBM senior vice president for Industry Platforms Bridget van Kralingen said: “Our experience across financial services and in the commercial deployment of AI with enterprise and start up builders has informed these new tools. We’re excited to see how they put them to work to quickly create the latest solutions powered by cognitive computing and blockchain for everything from new payments directives support, and even regtech solutions.”

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By GlobalData