Blockchain
UnionBank Joins Hands with Huawei to Build an Intelligent DataCenter Network
The Union Bank of the Philippines, more commonly known as UnionBank, is recognized as one of Asia’s leading financial institutions, ranking among the country’s top universal banks in terms of profitability and efficiency. As a high-flyer, UnionBank has earned ample awards and recognition over the years; it has taken home the Asset Triple A’s Digital Bank of the Year 4 times, and won the Digital Trailblazer award in the Asia/Pacific region by IDC. It was also voted as the Most Recommended Retail Bank in Asia Pacific by BankQuality.com.
UnionBank has always spearheaded technological innovations to empower its customers. It is fully committed to being the Philippines’ leading bank of innovation to best serve the growing needs of Filipinos everywhere. It stands firm in its promise to power the future of banking by co-creating innovations for its customers and for a better world!
UnionBank is diving deeper into digital transformation, spanning network infrastructure, organizational structure, and operational mode. Data is exploding in the digital era, and it is the data center (DC) that processes and stores so much data, especially an enterprise’s core data and production systems; it is also the starting point of business innovation. UnionBank is among the first to embrace digital transformation by building a next-generation DC architecture and promoting data center network (DCN) transformation. The resulting benefits include more agile and reliable networks, higher-quality services, and more energetic business innovation.
Originally, UnionBank operated an active/standby disaster recovery (DR) DC architecture that was built on legacy devices. This legacy network architecture, however, became less practical as the bank’s services developed. There were challenges in rapid and elastic scaling, agile deployment, or E2E automation, and meeting agile service innovation requirements. To overcome these challenges, the bank needed to build a next-generation smart DCN as soon as possible.
After careful consideration and comparison, UnionBank finally decided to join hands with Huawei to build a smart DCN. The bank came to its decision based on Huawei’s unrivaled strengths, including future-oriented DCN architecture, smooth network migration and evolution, a simplified and intelligent DCN O&M system, and customer pain point-targeted real-time service support.
1. Future-Oriented DCN Architecture, Facilitating Efficient Migration and Smooth Evolution
Huawei’s CloudFabric Autonomous Driving Network Solution for DCs helped UnionBank build a future-proof, world-leading DCN, in which active and standby DCs are built on a VXLAN-based software defined networking (SDN) spine-leaf architecture, N resource pools are built based on the resource attribute categories, and iMaster NCE-Fabric is deployed to implement automated network deployment and elastic scaling. iMaster NCE-Fabric is also used to manage firewalls and load balancers from multiple vendors, enabling pool-based value-added services such as security and load balancing.
When it came to migrating and upgrading UnionBank’s production network, the time window for such operations needed to be strictly limited to guarantee bank service continuity and minimize migration impacts on the services. This was a big challenge. To overcome this, Huawei carefully designed a smooth, convenient migration solution, which could be implemented in four simple steps.
The first step is to build a new SDN network. iMaster NCE-Fabric discovers and maps the legacy network configurations to ensure high configuration consistency between the new and legacy networks. The second is to migrate Layer 2 services. iMaster NCE-Fabric streamlines Layer 2 configurations of the legacy and new networks and automatically migrates servers (physical and virtual machines). The third is to migrate Layer 3 services. iMaster NCE-Fabric streamlines Layer 3 configurations of the legacy and new networks and migrates Layer 3 gateways to the new network. This is how service migration is completed. The very last, simple step is to verify service continuity. Namely, iMaster NCE-Fabric verifies network connectivity, service paths, and change impacts to ensure that all the service systems are working properly.
After dozens of network migrations in early mornings, Huawei successfully migrated the bank’s legacy architecture to a future-proof DCN architecture without triggering any configuration rollback or network accidents.
2. E2E, High-Level Automation, Facilitating Network Simulation and Change Evaluation
As agile service innovation gains momentum, the UnionBank’s DC needs to be able to rapidly respond to service needs. This can hardly be achieved on such a busy network, on which numerous new services and a large number of changes are made per year, over 3000 on average. To handle this, network engineers must spend more than half of their time in adapting the network to new services and changes. Typically, the routine approach to making a network change is to design a change solution based on expert experience, evaluate change impacts, implement the solution, and manually check the change result. This, however, cannot prevent change errors as networks keep scaling out and become increasingly complex.
iMaster NCE-Fabric can handle all of this. Through modeling and simulation, it can automatically evaluate change risks and impacts, execute changes, and perform post-change verification, ensuring error-free network changes that can perfectly meet customer expectations. Not only this, customers can also create continuous monitoring tasks on iMaster NCE-Fabric, so that their services can run under constant guarantee.
3. AI-Powered “1-3-5” Intelligent O&M, Redefining How to Operate and Maintain DCNs
To improve customer experience and efficiency, UnionBank launched the on-line registration service, enabling customers to enjoy high-quality financial services from the comfort of their own home. As the service became more popular, many customers encountered frequent service access failures or frame freezing, leading to numerous complaints. In response, the bank began to locate the fault on its DCN; however, it was exceedingly difficult to detect network delay jitter and packet loss in the traditional O&M mode that favored manual operations and heavily depended on expert experience. Fault locating was also time-consuming and labor-intensive in this mode because engineers needed to obtain packets node by node for locating. All of this fed into a less-than-ideal customer experience.
This is where Huawei’s iMaster NCE-FabricInsight comes in. It innovatively applies AI into DCN O&M, helping UnionBank implement intelligent DCN O&M in all scenarios. To elaborate, it enables telemetry-based all-scenario KPI subscription in seconds, establishing a five-dimensional, real-time network health evaluation system. The dimensions are device, network, protocol, overlay, and service. In addition, leveraging Huawei’s over 30 years of O&M experience and tens of millions of data samples, iMaster NCE-FabricInsight can identify correlations between network objects and conclude fault spreading rules based on big data mining and modeling, thereby accurately detecting 75 types of typical faults in 1 minute, locating them in 3 minutes, and rectifying them in 5 minutes. Not only this, iMaster NCE-FabricInsight achieves a future-oriented shift from passive O&M to proactive O&M, freeing network engineers from the traditional labor-intensive, passive DCN O&M. This has empowered UnionBank to maximize its DCN O&M efficiency.
The smart DCN is just the beginning. UnionBank continues to push the envelope in its digital transformation journey by holding a groundbreaking virtual ceremony for its Innovation Campus — a real-estate development supportive of the institution’s innovation initiatives. This campus is also seen to be the hub for blockchain, AI, and other new technologies that will revolutionize people’s way of life. Huawei looks forward to cooperating with UnionBank in further fields and helping UnionBank delve deeper into digital transformation.
SOURCE Huawei Technologies Co., Ltd.
Blockchain
Bybit Expands bbSOL Yield Opportunities Through Strategic DeFi Partnerships
Blockchain
This Week in Finance News: 11 Stories You Need to See
With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.
The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.
- Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few. - Cardinal Health announces two strategic additions to its portfolio
Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash. - BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems. - Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
“I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands. - Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately. - PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
- Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
- Finaya Unveils Nationwide Homeownership Platform
From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient. - GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too. - GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics. - Most US shoppers are encountering generative AI while shopping without realizing it
A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.
For more news like this, check out all of the latest finance-related releases from PR Newswire.
Do you have a finance press release to distribute? Sign up with PR Newswire to share your story with the audiences who matter most.
Helping Journalists Stay Up to Date on Industry News
These are just a few of the recent press releases that consumers and the media should know about. To be notified of releases relevant to their coverage area, journalists can set up a custom newsfeed with PR Newswire for Journalists.
Once they’re signed up, reporters, bloggers, and freelancers have access to the following free features:
- Customization: Users can create customized newsfeeds that will deliver relevant news right to their inbox. Newsfeed results can be targeted by keywords, industry, subject, geography, and more.
- Photos and Videos: Thousands of multimedia assets are available to download and include in a journalist or blogger’s next story.
- Subject Matter Experts: Journalists will have access to ProfNet, a database of industry experts to connect with as sources or for quotes in their articles.
- Related Resources: Our journalist- and blogger-focused blog, Beyond Bylines, features regular media news roundups, writing tips, upcoming events, and more.
The post This Week in Finance News: 11 Stories You Need to See appeared first on .
Blockchain
Fintech as a Service Market: A Comprehensive Trends Analysis Predicts a USD 1,329.12 Billion by 2032 CAGR: 17.4% | PMR
-
Blockchain Press Releases3 days ago
Notabene Raises $14.5M in Series B Funding Led by DRW VC to Drive the Future of Stablecoins and Payments
-
Blockchain4 days ago
The First Cold Wallet for Miners: EMCD & Tangem Launching Limited Edition Wallets
-
Blockchain5 days ago
Bybit Web3 and Aptos Kick Off APT Ecosystem Airdrop
-
Blockchain Press Releases4 days ago
Moby, Engages GSR to Enhance Liquidity and OTC Trading for Moby Token
-
Blockchain Press Releases5 days ago
QCP Trading Receives In-Principle Approval for Major Payment Institution License in Singapore
-
Blockchain Press Releases2 days ago
Bybit WSOT 2024 Shatters Records with $100 Billion in Trading Volume, Redefining Crypto Trading Competition
-
Blockchain5 days ago
WAGMI Announces First Speakers and Featured Partners for the Biggest Blockchain Event in America
-
Blockchain Press Releases4 days ago
Bitget Lists peaq (PEAQ) on Launchpool with 12,125,000 Tokens in Rewards