Telstra to collaborate with CBA and Ericsson on financial services edge computing

Telstra has announced that it is working with the Commonwealth Bank of Australia (CBA) and Swedish telecoms and internet services firm Ericsson to develop a 5G edge computing solution for use in financial services.

In a post to Telstra Exchange, Network Engineering Executive Channa Seneviratne, said the collaboration will develop and test end-to-end 5G edge computing solutions with the aim of reducing the network infrastructure required by banking branches.

Edge computing enables the creation, collection, analysis, and processing of data from sources outside of that created in centralised locations like data centres.

Sereviratne highlights benefits of edge computing at bandwidth conservation that enables faster data transfer between point on the network, as well as opening the possibility of further security for transactions.

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“5G edge computing is all about bringing the network closer to the user or application,” Seneviratne said in the Telstra Exchange post. 

“For financial institutions like Commonwealth Bank, it will help to enhance existing banking applications as well as deliver new use cases such as artificial intelligence, all supported by a range of software defined networking solutions.”

Banking customers stand to benefit from the increased speed of transaction processing facilitated by 5G, as well as offering new security options that enable biometric identity confirmation for added security and speed.