Cloud Computing Banking and Finance News

Microsoft buys stake in London Stock Exchange Group in twist on digital transformation deals

Microsoft has announced a 10-year strategic partnership with the London Stock Exchange Group (LSEG) to put the financial markets providers’ infrastructure and data analytics onto the Microsoft cloud – and has acquired a 4% stake in the group in the process.

Seasoned cloud industry watchers will know how these sorts of strategic partnerships play out. The client comes on board for an undisclosed amount, the right noises are made around improving customer and end-user...

15 December 2022 | Banking & Finance

BankID expands Digital Identity Protection with OneSpan

OneSpan, a digital agreements security company, has expanded its OneSpan Cloud Authentication service with BankID.

BankID first launched with OneSpan in September 2021 and has already reached a multi-million user milestone that is expected to continue growing as BankID’s technology adoption increases. This expanded partnership further solidifies the crucial role BankID has entrusted to OneSpan to provide high-assurance security and meet compliance standards within the Norwegian...

7 September 2022 | Banking & Finance

NatWest Markets partners with Google Cloud to bolster its data capabilities and customer experiences

NatWest Markets has migrated to Google Cloud in order to achieve limitless scalability, power predictive risk modelling with analytics capabilities, and streamline regulatory compliance.

Founded in 2016 as the investment arm of Natwest Group, NatWest Markets helps its corporate and institutional customers manage their financial risks and achieve financial goals while navigating changing markets and regulation. Today, beyond providing products and solutions centred across...

13 July 2022 | Banking & Finance

Spanish neobank Plazo partners with cloud banking platform Mambu

Spanish neobank Plazo has closed a strategic partnership with Mambu, a cloud banking technology platform.

This alliance allows Plazo to accelerate the development of cutting-edge lending solutions, with access to more than 30,000 new product combinations and fuel its expansion to further consolidate as the go-to financial wellness app covering people’s daily purchase, saving and lending needs.

Customers will be able to access the new lending products through Plazo...

8 June 2022 | Banking & Finance

Rakuten Europe Bank partners with Temenos to take banking to the cloud

Rakuten Europe Bank – part of the Rakuten software group, a unique ecosystem of 70+ businesses and over 1.6 billion members worldwide – has signed with Temenos to deliver banking services including Rakuten Pay on the Temenos Banking Cloud.

Powered by Temenos open platform, it is hoped Rakuten Europe Bank will accelerate its growth across Europe. The move to Temenos open platform for composable banking will allow Rakuten Europe Bank to continue to enhance the member experience,...

22 March 2022 | Banking & Finance

Prudential Regulation Authority concerned over banks’ reliance on cloud

The Prudential Regulation Authority (PRA), responsible for regulating UK banks, credit unions, and insurers, plans to increase its scrutiny of major cloud computing providers.

Concerns stem from the growing reliance the banking sector has on the Big Three to maintain its systems and the threat an outage or hack could pose.

As a result, the PRA is looking into ways to access more data from Amazon, Microsoft, and Google, particularly in relation to the operation resilience...

10 January 2022 | AWS

Bank of England warns that banks are overly reliant on cloud

The Bank of England is calling for increased powers to oversee the banking and finance sector’s switch to cloud computing.

Its concerns stem from cloud adoption making systems more secretive and concentrating sensitive data in the hands of a select few tech giants like Amazon and Microsoft.

The central bank has said it will need “additional policy measures” to make sure it can assess the industry’s IT infrastructure, even when it’s run by third...

16 July 2021 | Banking & Finance

Commerzbank continues Google Cloud partnership in multi-cloud migration plan

German commercial bank Commerzbank is moving into a five-year deal with Google Cloud to migrate a 'significant number' of its banking applications into the cloud.

The expanded agreement will mean Google offers the bank 'a deeper set of platform services to enable its digital transformation', the companies noted. Commerzbank developers will be able to follow a continuous integration and delivery (CI/CD) approach, enabling faster and easier building and maintaining of...

29 March 2021 | Banking & Finance

Exploring corporate banking’s growing business case for cloud migration

The impact of public cloud on retail banking is already clear. As a mainstream technology, cloud enables top initiatives such as digital, mobile, and customer analytics. In the corporate banking segment, the pace of cloud adoption and migration has been slower. Top among the forces impeding legacy transformation and the move to the cloud: security and compliance concerns.

Today, corporate banking’s approach to innovative technologies and cloud computing is changing. While...

15 March 2021 | Banking & Finance

Deutsche Bank shares more detail on Google Cloud partnership and use cases

Deutsche Bank and Google Cloud agreed a multi-year contract back in July - and with the ink now dry, the two companies have outlined a number of use cases for the bank's digitalisation.

The 150-year old company is looking to utilise Google's cloud for a number of new products. These include new lending products to support 'pay per use' models as an alternative to purchasing assets outright and establishing a new interface for retail customers in Germany. The bank's Autobahn...

7 December 2020 | Banking & Finance