DTCC to move more applications to the cloud as technology reaches tipping point – Finextra (press release)

The US Depository Trust and Clearing Corporation is to extend its use of cloud computing after deciding that off-premise hosting has surpassed the achievements available via inhouse data centres.

As a result, the post-trade processing giant says it will evaluate opportunities to strategically expand the use of the cloud more broadly across its external services and applications "to reduce risk and cost and improve the resiliency and security of DTCCs systems".

The organisation says that the cost and value of cloud computing technologies is challenging long-standing justifications for provisioning and/or sustaining individually owned and managed data centers.

DTCC has been leveraging cloud services for almost five years and believes the cloud represents a viable alternative to corporate data centers, says Robert Garrison, DTCC CIO. We believe cloud computing has moved past a tipping point and that the security, scalability, resiliency, recoverability and cost of applications in the cloud are better than many private enterprises could achieve on their own. As a result, we will pursue a strategy of building a cloud ecosystem that supports best practices and standards."

He says the group will consult with regulators and stakeholders as it pushes forward: "Due to the critical nature of the services provided by DTCC, we will execute our cloud strategy in collaboration with key stakeholders, including clients and supervisors.

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DTCC to move more applications to the cloud as technology reaches tipping point - Finextra (press release)

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