IBM has launched a new developer cloud as part of its Watson platform, giving fintechs and other third parties a place to build financial services apps.

Developers will now have access to application programming interfaces, data, and content to build and monetize cognitive-enabled apps quickly and at scale for use by fintech companies, banks, wealth management firms and insurance companies, IBM said in a press release Monday.

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, allowing developers to use IBM services or combine them with their own data,” IBM said in the release. The service is currently being beta tested.

"Our experience across financial services and in the commercial deployment of AI with enterprise and start up builders has informed these new tools," Bridget van Kralingen, senior vice president for industry platforms at IBM, said in the release. “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.”

Bryan Yurcan

Bryan Yurcan

Bryan Yurcan is a senior writer with American Banker, with a focus on financial technology.