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 Information Technology (IT) solutions provider Mphasis on Friday announced a multi-year global strategic collaboration agreement (SCA) with Amazon Web Services (AWS) to launch Gen AI Foundry for financial services.

According to the company, the Gen AI Foundry will serve as a dynamic platform for modelling industry use cases and developing proof of concepts (POCs) -- initially within the financial services industry, with plans to expand across other sectors.

"The Gen AI Foundry for financial services, led by Mphasis.AI, is our commitment to accelerating AI adoption and business modernisation for our clients," Nitin Rakesh, CEO and MD of Mphasis, said in a statement.

"By harnessing the power of AWS's generative AI and data services, we are poised to set new benchmarks in the financial services industry," he added.

Moreover, the company said that the Gen AI Foundry aligns with Mphasis' vision to fully integrate as a trusted provider to the financial services space, with targeted offerings for banks ranking among the Fortune 100, brokerage, and insurance firms.

The use cases will focus on applications critical industry applications, such as generative AI for core platform modernisation, contract management for banks, and others.

"Mphasis' expertise in AWS services and AI/ML capabilities, combined with their dedication to industry-specific solutions, aligns seamlessly with our mission to enable business transformation with cloud computing and the transformative capabilities of generative AI," said Scott Mullins, MD & General Manager, AWS Worldwide Financial Services.