Royal Bank and Borealis AI announce new AI private cloud platform

TORONTO — Royal Bank of Canada (RBC) and its AI research institute Borealis AI have partnered with enterprise software provider Red Hat and hardware and chip manufacturer NVIDIA to develop a new AI computing platform.

RBC says it and Borealis AI set out to build an in-house AI infrastructure that would allow intelligent software applications to be brought to market faster and deliver an enhanced experience for clients.

Red Hat software and NVIDIA’s computing systems are powering this private cloud system.

RBC’s AI private cloud has the ability to run thousands of simulations and analyze millions of data points in a fraction of the time than it could before, according to the bank, which notes the platform’s flexible self-service infrastructure will help it deliver new banking applications.

The bank explains that the platform has already improved trading execution and insights, helped reduce client calls and has resulted in faster delivery of new applications for RBC clients.

Mike Tardif, senior vice-president, Tech Infrastructure, Royal Bank of Canada, said in a statement, “In today’s ever changing marketplace, we must always be at the forefront of innovation for our clients. We are proud to have delivered a unique AI private cloud capability in-house, leveraging our strong collaboration with Red Hat and NVIDIA. This cloud offers GPU acceleration and containerized platform benefits, and we are well-positioned to provide the best experience possible for our customers going forward.”