Large financial institutions have been slow to move data storage and computing to cloud vendors. They are liable for sensitive customer or proprietary data. Regulations around the treatment and localization of data vary.
This is changing. In Asia the most recent example is Standard Chartered. In August, it announced a five-year migration to move much of its core banking processes to cloud in partnership with Microsoft. Microsoft’s Azure will be its primary vendor in a multi-cloud vendor approach. Other banks such as HSBC have already made similar moves.
This month, the Depository Trust and Clearing Corporation – the clearing and settlement agent for U.S. capital markets – has released a white paper helping guide banks on a similar journey.
With a Swift server the bank can feed it a sequence of Swift protocols and the server generates receipts for contract finished. Think of a sequence of Swift contract as a search script. The server is a database looking for the unique receipt to match the search.
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