As part of the partnership, Balaji Kumar, Citi's head of global technology infrastructure, told Fortune the bank would also be using Google Cloud's Vertex AI platform to build a number of financial tools for customers using artificial intelligence. Though details about which applications might launch first weren't disclosed, Kumar says "quite a few" pilots are already in the works.
"It's a massive opportunity for us to engage in technology modernization," says Kumar. The infrastructure upgrade is part of a larger effort at Citi to better capitalize on the bank's financial pipes, which power much of the global economy, and comprise half of the bank's revenue.
Top among the Google Cloud upgrades at Citi is a high performance computing (HPC) capability that will run millions of risk calculations a day for Citi's Markets business. The software is expected to reduce latency-or delays-by preemptively checking transactions to ensure they have enough compute power and storage to execute.
Though the partnership is still in its early days, Rohit Bhat, the managing director of Google Cloud's financial services division, says Google Cloud's engineering, product, and sales teams have been working with Citi's technology and business enablement team for months and much of the technology they've co-developed is quite mature.
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