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News and resources on cloud strategy, selection, build, migration and operation for banks and fintechs.

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Expert opinions

Nasrullah Patel

Nasrullah Patel Co-founder at Peerbits

Breaking Free from Legacy Systems: How Cloud Migration Boosts Business Agility

The ever-evolving digital landscape pushes businesses to keep up with technological advancements and stay competitive in today’s world. However, many organizations continue to work with old, legacy systems that hinder efficiency, flexibility, and scalability. These outdated infrastructures lead to bottlenecks, stifling innovation, and high mainten...

/cloud Cloud Migration

Jose Puccini

Jose Puccini AVP at BankTrade

📺 Today’s Episode: Fail and Risk in NeoBanking

Welcome to FinTech-Bank Talks (Top European Pod on Spotify) I´m Jose Puccini, your host. Here, we dive deep into the latest trends in finance and technology. Today, we're addressing a crucial topic that often gets overshadowed by the excitement surrounding neobanks: the risks and failures associated with these digital financial institutions. What ...

/wholesale /cloud Fintech

Arun Singh

Arun Singh Consultant at TCS

Hybrid Computing for Next-Generation Scientific Simulations in BFSI

Abstract The Banking, Financial Services and Insurance (BFSI) sector is evolving rapidly driven by digital transformation, regulatory compliance and security needs. At the same time next-generation scientific simulations are emerging as a powerful tool for risk assessment, fraud detection and financial modelling. Hybrid computing which integrates...

/wholesale /cloud BFSICloudMigration

Hemlata ....

Hemlata .... Cloud Architect at TCS

Building Secure and Scalable BFSI Application Backends with Rust Programming Language

Introduction: In the BFSI sector, legacy systems, real-time processing and data security are the challenges which require a programming language addressing these issues. Traditional programming languages such as Java, .NET, Python have played a major role in shaping modern software development. However, over time, certain challenges have emerged in...

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Ramu M

Ramu M Enterprise Architect at TCS

Core Migration Challenges in Database Migration

Core Migration Challenges in Database Migration Introduction Cloud Migration consists of moving organizational assets such as applications, databases, IT resources and services. This could be either lift and shift or Re Platform or RE Factor or Rewrite. Clear Migration Strategy provides migration processes, use of the right automation tools and im...

/cloud Database Migrations

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Research

Impact Study

Cross-border payments: How is the market addressing G20 targets?

This impact study explores how far along the G20’s cross-border roadmap firms have travelled; why cutting-edge technology platforms are imperative in today’s instant payments world; as well as how financial leaders can go beyond the G20’s objectives, in order to ensure prosperity for the coming decade.  The cross-border payments market is one of the fastest growing money movement markets in the world. It reached $150 trillion in 2017, and by 2027 is expected to reach $250 trillion – a rise of over $100 trillion in just ten years. There are several factors that have led to the increase in global remittances, be they wholesale or retail in origin, including expanding supply chains; globalised investment flows; international trade and e-commerce; as well as the increased global movement of people, resulting in more money being sent across borders.  While cross-border payments are booming, many financial institutions are still struggling to keep their technology platforms up to speed, and the drive toward real-time is having deep ramifications for organisations’ operations. To address these challenges, a gathering of some of the world’s largest economies, known as the Group of Twenty (G20), set out a roadmap in 2021 to improve cross-border payments.  Also providing impetus for widespread modernisation are mandated initiatives like new, and continually evolving, ISO 20022 message and data standards and the European Union (EU)’s Digital Operational Resilience Act (DORA) – forcing players in the highly-competitive payments space to invest in smarter services, customer centricity, and on top of that, become the engines of growth.  This Finextra impact study, produced in association with Temenos, explores:   A status update on the G20 cross-border targets;  The need for modernisation - an overview of other factors affecting cross-border payments;  A roadmap for change beyond G20;  Real-life case studies. 

301 downloads

Event Report

AI strategies for scalable, secure and compliant banking

Delving into effective strategies and tools for secure and compliant AI integration in banking, emphasising the importance of open-source models, the role of generative AI, the advantages of synthetic data, and the influence of regulatory frameworks. Integrating AI in banking involves more than just adopting new technologies; it requires aligning these technologies with specific banking use cases to maximise benefits and mitigate risks related to data security and compliance. Open-source models facilitate this transformation by offering a collaborative platform for innovation and transparency, essential for building trust and ensuring the safe use of AI in banking.  The journey from proof of concept (POC) to production in AI and machine learning is often lengthy and complex. This extended timeline highlights the challenges organisations face in integrating AI into their operations. Embracing new tools and technologies and learning to utilise them effectively is crucial for overcoming these challenges and applying AI to day-to-day operations, leading to significant benefits in efficiency and innovation.  When looking at other markets, the United States has become a hub for tech giants, focusing on fostering innovation, while regions like Japan remain cautious, reflecting their unique regulatory landscapes and societal risk appetites. This diversity in regulatory approaches presents both opportunities and challenges for firms operating globally, necessitating a nuanced understanding of each market’s unique dynamics.  This webinar report summarises the discussion of a Finextra webinar, hosted with Red Hat, by a panel of industry experts. Discover:  How AI is enhancing innovation, efficiency, and security;  Synthetic data and regulatory impact;  What factors are holding organisations back from fully adoption AI-driven services;  Balancing innovation and regulation;  And more. 

257 downloads

White Paper

UK Open Banking API Performance 2023-2024

In this fourth annual report, APIContext evaluated the performance of UK Open Banking APIs from 1 July 2023 to 30 June 2024. The UK’s Open Banking system is arguably the most advanced in the world, having been in place since at least 2018. The time in market for this ecosystem offers lessons and best practices to other countries that are looking to implement similar API-driven financial systems; as well as banks and financial institutions that seek to differentiate through quality customer experiences. In this updated report, APIContext evaluates the performance of Open Banking APIs provided by various types of financial institutions in the UK. These include the major “CMA9” banks (the nine largest banks required by UK law to provide Open Banking services), traditional High Street banks, credit card companies, building societies (similar to credit unions in the United States), and new digital banks, often called neobanks. All the data in this report are based on real API calls, having tested the APIs in real-world conditions using the same process that consumers would go through. These calls followed the FAPI (Financial-grade API) standards, which are specifically designed for securely sharing sensitive financial data. The report includes: Key analysis of the UK's Open Banking API performance 2023 - 2024 Availability and reliability of API endpoints Latency metrics (DNS, TCP connect, SSL handshake, processing, and total time) Performance by cloud provider (AWS, IBM, Azure, and Google) Comparative analysis between different bank types (CMA9, traditional, and neobanks) Cloud provider comparison and other detailed findings Key takeaways and recommendations for various players in the ecosystem

482 downloads

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FinextraTV

Understanding and Leveraging GCCs for Transformational Growth

Speaking from the FinextraTV virtual studio, Sharada Nandakumar, CEO, Voya India and Roshan Shetty, BFSI & Public Services Head - Americas, Tech Mahindra help to define what Global Capability Centres are, why they can be so transformational and the challenges to securing great talent that come with them.

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Long reads

Hamish Monk

Hamish Monk Senior Reporter at Finextra

How to establish a hybrid cloud strategy

Hybrid cloud is a computer programming architecture used by IT teams to reap the benefits of both the private and public hosting environments. These work in tandem to run an organisation’s workload. The benefits of such a strategy are well-established. Dual architecture allows both sensitive data and customer activity to remain on premise (in the ...

Hamish Monk

Hamish Monk Senior Reporter at Finextra

How to pick a SaaS solution

Software-as-a-service, or SaaS, delivers software and applications over the internet, via a subscription model. It is one of the three constituents of cloud computing – along with infrastructure-as-a-service (IaaS) and platform-as-a-service (PaaS) – and has revolutionised business operations; mushrooming from its market valuation of $237 billion i...

Hamish Monk

Hamish Monk Senior Reporter at Finextra

What is hybrid cloud?

Hybrid cloud is a computer programming architecture used by IT teams to reap the benefits of both the private and public hosting environments. These work in tandem to run an organisation’s workload and applications. Uses of hybrid cloud An example of a firm within the financial services industry which might find use for the hybrid cloud environm...