Standard Chartered Bank (SCB) has entered into a five-year strategic agreement with Amazon Web Services (AWS) to deliver new digital banking services and drive innovation.
Under this agreement, SCB will leverage AWS’ cloud platform to power its banking systems and customer-facing applications across its 60 markets globally.
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AWS cloud services include database, containers, computing, networking, storage, and security.
SCB will use these services to bolster its digital banking experience and to create and deploy new applications for individuals and corporate clients while meeting compliance requirements.
As per the deal, SCB is using Amazon EKS to power certain apps such as its banking-as-a service (BaaS) solution nexus and virtual bank Mox.
Moreover, the bank uses Amazon Aurora, a cloud-native relational database, to run its global payments system SC Pay and core banking system eBBS.
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By GlobalDataAmazon Aurora enables these systems to store banking and e-commerce transactions details, including micropayments.
The banking group’s financial market business uses AWS to assess risk and Amazon EC2 to scale up these workloads during peak season.
SCB’s financial market business includes risk management, financing, and investment services.
Amazon Web Services VP of financial services Frank Fallon said: “With this agreement, Standard Chartered is relying upon the most secure, reliable, and flexible cloud computing environment in the world.
“AWS’s unparalleled experience in powering global financial institutions will enable Standard Chartered to transition to the cloud with confidence and innovate faster than ever before.”
Standard Chartered CTO of cloud transformation Bhupendra Warathe said: “Adopting a cloud-first approach makes our vision for next-generation financial services – like virtual banking, next-generation payments, open banking, and banking as a service – a reality.
“A significant number of Standard Chartered’s flagship applications, like our core banking system, eBBS, global payment system, SC Pay, as well as our new digital banking services, Mox and nexus, are already cloud-native.
“We look forward to our continued partnership with AWS to deliver new products and solutions to our clients across the 60 markets we serve.”
Standard Chartered group chief information officer Michael Gorriz said: “A cloud-first strategy allows us to be more agile and client-focused so our customers have better experiences and faster access to innovative new products.
“At the same time, we are improving our operational efficiency and resilience by using the best-in-class security, privacy, and compliance delivered through cloud infrastructure.”
