Mphasis signs multi-year deal with AWS for Gen AI Foundry

Bangalore-headquartered IT solutions provider Mphasis on Friday announced a multi-year collaboration agreement with cloud major Amazon Web Services (AWS) to establish the Gen AI Foundry, a business unit, led by Mphasis.AI, focusing on artificial intelligence (AI) solutions, AI use case assessments, consulting, and business transformation.

“The collaboration marks a significant milestone as Mphasis establishes the Gen AI Foundry, led by Mphasis.AI, a dedicated business unit focusing on artificial intelligence (AI) solutions, AI use case assessments, consulting, and business transformation,” the company said in a regulatory filing. 

The Gen AI Foundry will serve as a 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 New York City (NYC) or the AWS Executive Briefing Center (EBC) in NYC, providing a showcase of generative AI solutions.

“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,” said Nitin Rakesh, Chief Executive Officer, and Managing Director of Mphasis. 

The use cases will focus on applications critical industry applications, such as generative AI for core platform modernization, contract management for banks, intelligent document processing for new banking accounts, mortgage processing, claims processing for insurance carriers, and investigating financial crime.

Scott Mullins, Managing Director & General Manager, of AWS Worldwide Financial Services, said, “We anticipate the Gen AI Foundry enabling businesses to leverage AWS’s advanced AI and machine learning services for an enhanced experience and greater efficiency in today’s competitive landscape.”

In April 2023, Mphasis achieved the AWS cloud operations competency status. The recognition allowed enterprises to select Mphasis as a validated AWS partner that can offer guidance across five solution areas of cloud operations – cloud financial management, cloud governance, monitoring and observability, compliance and auditing, and operations management.

The company also embarked on a strategic initiative to enhance its workforce's skill set by adopting AWS Skill Builder in December. This online learning platform was designed to facilitate the upskilling and reskilling of employees, empowering them with specialized technology expertise crucial for driving global digital transformation.