Cloud computing has reached a ‘tipping point’ in financial services with capabilities and cost efficiencies moving ahead of on-premise data centre equivalents, according to The Depository Trust & Clearing Corporation (DTCC).
The company, which provides financial transaction and data processing services for the global financial industry, has issued a new report, titled ‘Moving Financial Market Infrastructure to the Cloud’. The tipping point, the report argues, comes from a change in questioning on cloud services; the conversation moves forward from ‘is the cloud safe?’ to ‘what compromises are we making by staying on-premises?’
DTCC itself says it has leveraged cloud services for almost five years, and is therefore looking at methods of expansion, with the proof of the pudding in the eating.
The report goes through the usual rigmarole of outlining software, infrastructure, and platform as a service, as well as discussing benefits such as scale, resiliency, privacy, security and cost. The paper also notes that public cloud vendors have significantly upped their game in recent years.
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