How regulators are clearing the way to payments in the cloud
In this latest report we discuss with the EBA and Microsoft how regulation and compliance need not be barriers for banks when making the decision to take their payment solutions to the cloud.
Default Finastra
Every day we’re seeing more and more banks across the world take a strategic decision to migrate to cloud services. But if we ask them what barriers they anticipate along the way, compliance with regulations almost always comes top of the list.
It’s an important consideration, but the reality is that banks’ operating environment and clients are now moving faster than they can possibly keep up with using on-premise infrastructures.
Key takeaways:
- Whatever the concerns, core banking is moving to the cloud over the next few years
- Regulators in Europe and elsewhere have now removed the “barriers” to banks putting core services into the cloud - but the industry hasn’t yet fully recognized this shift
- Leading banks are already making strong headway into the cloud, and the laggards are starting to be left behind.
