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Cloud service adoption starting to take off as banks’ fears ease

Although it has been an option for several years, the cloud is finally having its moment. While trust in the providers and the level of security is a catalyst, so is the arrival of PSD2.

A spate of announcements recently of services being offered on the cloud to the financial sector is evidence of increasing comfort around adoption, say industry experts. Swift announced earlier this month it has teamed up with SAP to offer connectivity over the cloud, while Finastra announced it was entering into a strategic alliance with Microsoft Azure.

The moves come off the back of some 78 pages of cloud service provider guidelines from the European Banking Authority (EBA) last December, covering everything from data and system security to audit rights and chain outsourcing.

Andrew Reeves, managing director of the cloud division at software provider Temenos, says adoption has been rising for some time.

 Andrew Reeves, 

“We are seeing an acceleration in the adoption rate that has increased over the past two years,” he says. “In the past, there had been a lot of talk about cloud adoption being part of the future strategy, and we are now seeing this come to fruition.”

Banks are exploring the additional option.

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