Tieto, a Finland-based IT services company, and International Card Services (ICS), a credit card issuing business in the Netherlands, entered into a new agreement to launch an end-to-end payment service in the cloud.

The new IT solution, called Tieto Compliance Cloud (TiCC), will comprise tools and applications for managing payments, transactions and analysis of customer data provided as a pay per use model.

Operating as part of Tieto’s private finance cloud offering, the solution aims to focus on the financial industry, meeting the high security and regulatory demands of businesses.

With this solution, ICS can trim down capital expenditure without having to maintain its own servers and IT infrastructure as well as simplify its business processes, as all IT applications and systems are offered by a single provider.

The offering is scalable and cost-efficient and is compliant to the PCI DSS regulatory requirements, Tieto said.

ICS COO Nico Lodewijk said that the solution will make the company more cost-efficient in addition to giving it the ability to respond faster to changing customer needs.

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Tieto banking sector vice president Vahid Zohali said: "We see that demand for industry-specific cloud solutions is growing within the financial sector in Europe. This helps companies focus on their core business and reallocate resources towards innovation and development."