To expand the options for customers moving to cloud, SWIFT announced both its new Cloud Connect initiative for smooth migration of customers to large public cloud providers as well as its own private cloud platform called Alliance Cloud.
Under the Cloud Connect initiative, SWIFT will develop network architecture and automation templates for customers to ease deployment on “hyper-scale” public cloud platforms such as Microsoft Azure and Google Cloud. While large banks, corporates and fintechs increasingly use such providers, they also require the same level of reliability and security they experience on premises. The initiative will provide a resilient and secure method of connecting to the SWIFT network.
SWIFT already has a proof of concept in place with Microsoft, building on work that started last year with the technology company’s treasury operations establishing a prototype SWIFT connection on Microsoft Azure and the successful testing of payment transactions.
Also announced was SWIFT’s Alliance Cloud, which will provide a robust option for institutions of all sizes that wish to host their messaging operations on SWIFT-managed infrastructure. The private cloud platform has been designed to scale quickly to meet changing customer needs while seamlessly integrating global payments innovation, sanctions screening solutions and other SWIFT services. It maintains 24/7 availability and the highest level of security, while reducing customers’ total operating costs.
Taken together, both the Cloud Connect and Alliance Cloud demonstrate a broad embrace of a trend that banks, corporates and fintechs are adopting to reduce costs, improve agility and resiliency and streamline security and compliance burden.
“Cloud computing is a key enabler of a faster, frictionless future and a powerful catalyst for innovative new services. Our community is seizing its potential, and we are committed to supporting them with a range of connectivity options reflecting their diverse approaches and breadth of needs. These new developments highlight that commitment, while also underscoring our unwavering focus on security and resiliency as we continue to adapt to an evolving marketplace,” Craig Young, SWIFT’s chief information officer, said.
SWIFT plans to begin customer trials on its Cloud Connect initiative later this year, with a community-wide service targeted for the second half of 2020. Meanwhile, a phased roll out of Alliance Cloud will be launched in 2020, starting in the second quarter.
Re-disseminated by The Asian Banker