Mphasis said that it has announced a multi-year global strategic collaboration agreement (SCA) with Amazon Web Services (AWS) to launch Gen AI foundry for financial services.

The Gen AI foundry will serve as a dynamic platform for modeling industry use cases and developing proof of concepts (POCs) initially within the financial services Industry, with plans to expand across other sectors.

This virtual forum will offer clients the opportunity to experience demos and POCs either at the Mphasis experience centre in NYC or AWS Executive Briefing Center (EBC) in NYC, providing a showcase of generative AI solutions tailored to the client's needs and objectives.

The Foundry is dedicated to facilitating its adoption in financial services firms, aiding in accelerating efficiencies and fostering business transformation. Solutions such as Intelligent Document Processing (IDP) automates data extraction and analysis, minimizing errors and streamlining workflows, leading to substantial time and cost savings.

Nitin Rakesh, chief executive officer, and managing director of Mphasis, said, Our collaboration with AWS marks a significant leap forward in Mphasis s journey towards delivering cutting-edge solutions in the area of cloud and cognitive services. The Gen AI Foundry for Financial Services, led by Mphasis.AI, is our commitment to accelerating AI adoption and business modernization for our clients. By harnessing the power of AWS's generative AI and data services, we are poised to set new benchmarks in the financial services industry. This initiative reinforces our vision to be the driver of innovation for global enterprises, providing scalable and sustainable technology solutions.

Scott Mullins, managing director & general manager, AWS Worldwide Financial Services, said, AWS is pleased to collaborate with Mphasis to enable the introduction of the GEN AI Foundry for the financial services industry. Mphasis' expertise in AWS services and AI/ML capabilities, combined with their dedication to industry-specific solutions, aligns seamlessly with our mission to enable business transformation with cloud computing and the transformative capabilities of generative AI. We anticipate the Gen AI Foundry enabling businesses to leverage AWS's advanced AI and machine learning services for enhanced experience and greater efficiency in today's competitive landscape.