IBM announced it is teaming up with Toronto-based fintech company Dream Payments to bring what it calls new revenue generating mobile payment offerings to financial institutions and merchants in the U.S. via the IBM Cloud, according to a press release.

IBM and Dream Payments are rolling out Dream Payments Cloud to U.S. financial institutions — a scalable platform that is intended to enable financial institutions to provide business customers with secure mobile and digital payment services that help them go to market faster and improve customer experiences.

With this platform, which is delivered via the IBM Cloud, financial institutions can avoid investing in the expensive and lengthy IT projects required to build these services in-house, according to the press release.  For example, financial institutions can leverage Dream Payments' offering to rapidly launch solutions that work with emerging payment technologies like mobile wallets, chip cards and contactless payments.

"The combination of IBM's banking and financial services expertise along with IBM Cloud has allowed Dream Payments to build and scale its cloud infrastructure, right down to bare metal hardware access, to maintain bank grade security, PCI compliance and data sovereignty," said Chad Whittaker, CIO of Dream Payments.