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September 24, 2019

A SWIFT Move to the Cloud: Financial Messaging Network Trumpets Two New Offerings

"A key enabler of a faster, frictionless future"

By CBR Staff Writer

Global financial messaging network SWIFT says it is rolling out two cloud solutions for partners: a private cloud offering dubbed “Alliance Cloud” that will let financial institutions host their messaging operations on SWIFT-managed infrastructure; and a SWIFT connection to/from Azure and GCP dubbed “Cloud Connect”.

A New Infrastructure Service: “Alliance Cloud” 

The private cloud, set for roll out in Q2, 2020, will allow users to connect with 11,000+ counterparts, as well as messaging services, standards and solutions.

Alliance Cloud will reduce customers’ operating costs, SWIFT claimed, without providing any examples or price comparisons (the typical benefits of cloud include ending the need for infrastructure management/modernisation in-house), will integrate new cross-border payments standard gpi, and come with sanctions screening.

“It maintains 24/7 availability and the highest level of security” SWIFT said, adding on a products page that the offering will provide “seamless integration to back-office applications, and the intuitive interface provides a fluid user experience.”

It was not immediately clear where the SWIFT cloud infrastructure will be hosted.

Announcing the move at the bi-annial SIBOS conference, SWIFT’s CIO Craig Young said: “Cloud computing is a key enabler of a faster, frictionless future and a powerful catalyst for innovative new services,” adding: “Our community is seizing its potential, and we are committed to supporting them with a range of connectivity options.”

For Hyperscale Users: “Cloud Connect”

Under a new ‘Cloud Connect’ initiative, Swift will develop network architecture and automation templates for customers to ease deployment onto Azure (“the first to build public cloud SWIFT connectivity”) and Google Cloud.

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“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,” the company said in a release today.

“We plan to begin customer trials on Cloud Connect later this year, with a community-wide service targeted for the second half of 2020.”

See also: SWIFT Pushes Out a New API Standard

 

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