Red Hat and C3.ai Partner with Kove to Enable Swift to Create the Next Generation of Transaction Services

March 3, 2023 — Swift, the world’s leading provider of secure financial messaging, connecting more than 11,000 banking and securities organizations and corporate customers in over 200 countries and territories, is launching a new state-of-the-art, enterprise-wide platform to facilitate the next generation of transaction services. The platform requires the privacy and security of an on-prem solution with the advanced capabilities of a hybrid/cloud-based AI system and it is designed to boost operational efficiencies and enable Swift to launch new AI-native services that will generate additional revenue opportunities for its members.

“I’m excited about our new opportunities,” said Tom Zschach, Swift’s Chief Innovation Officer in a Sibos TV interview. He also said in the interview, “We are getting really good help from strategic vendors to put this platform together.”

“I’m excited about our new opportunities.”

— Tom Zschach, Chief Innovation Officer, Swift

The initiative was developed by Swift in conjunction with three strategic partners: 1) Kove® for high-performance, provisionable, scalable software-defined memory, Kove:SDM^™; 2) Red Hat for enterprise containers and hybrid cloud infrastructure capabilities; and 3) C3.ai for AI expertise. 

“Our partnership integrates advanced technologies and supercomputing to build powerful, feature-rich foundational systems with innovative capabilities for the AI platform of the future at Swift” said Kelly Switt, Senior Director, Global Head of Intelligent Edge Business Development at Red Hat. Adds Naresh Shah, Vice President of Solutions Engineering at C3.ai, “I look at it as a very synergistic partnership building on the strengths of the three organizations to produce this platform.”

Kove:SDM^™ is a breakthrough technology that enables individual servers to draw from a common memory pool – including memory amounts far larger than could be contained within a physical server – so each job receives exactly the memory it needs when it needs it.

“Kove:SDM^™ offers smarter artificial intelligence and machine learning, faster rendering and number crunching, more powerful analytics, and the ability to put data center performance where it was never thought possible,” says Kove’s Manager of Business Development, Harry McHugh. “Kove:SDM^™ enables enterprise leaders to finally maximize the performance of their people and infrastructure.”

The Swift Federated AI Platform is currently being rolled out and will be fully operational systemwide within the next year. It will cost-effectively enable the instantaneous analysis of transactions, all in memory and without any hardware limitations.

About SWIFT

Swift, a global member owned cooperative, is the world’s leading provider of secure financial messaging services. They provide the financial community with a platform for messaging and standards for communicating, and Swift offers products and services to facilitate access and integration, identification, analysis and regulatory compliance. Their messaging platform, products, and services connect over 11,000 banking and securities organizations, market infrastructures, and corporate customers in over 200 countries and territories, enabling the global community of users to communicate securely, exchanging reliable, standardized financial messages. Headquartered in Belgium, Swift’s international governance and oversight reinforces the neutral, global character of its cooperative structure. Their global office network ensures an active presence in all the major financial centers.

About Red Hat

Red Hat, using a community-powered approach to deliver reliable and high-performing Linux, hybrid cloud, container, and Kubernetes technologies, is the world’s leading provider of enterprise open-source software solutions. Red Hat helps customers integrate new and existing IT applications, develop cloud-native applications, standardize on their industry-leading operating system, and automate, secure, and manage complex environments. Award-winning support, training, and consulting services make Red Hat a trusted adviser to the Fortune 500. As a strategic partner to cloud providers, system integrators, application vendors, customers, and open-source communities, Red Hat can help organizations prepare for the digital future. Find out more at redhat.com.

About C3.ai

C3 AI is a leading enterprise AI software provider for building enterprise-scale AI applications, delivering a family of fully integrated products including the C3 AI Platform, an end-to-end platform for developing, deploying and operating enterprise AI applications; C3 AI applications, a portfolio of industry-specific SaaS enterprise AI applications that enable the digital transformation of organizations globally; and C3 Generative AI, a suite of large AI transformer models for the enterprise. Learn more at c3.ai. 

About Kove

Founded in 2003, Kove has a long history of solving technology’s most vexing problems, from pioneering high-speed back-ups for large databases to setting sustained storage speed records. Most recently, after years of development, testing and validation, Kove launched the world’s first patented and mature software-defined memory solution – Kove:SDM^™. Kove:SDM^™ enables enterprises and their leaders to achieve more by maximizing the performance of their people and infrastructure. Kove’s team of passionate software engineers and technologists are committed to delivering the products and personalized service that enable every enterprise to reach their full potential. To learn more, visit kove.com.