The corporate banking industry is transforming. Firms are moving away from legacy systems and physical relationships towards a more agile and technology-driven approach. The shift is driven by the increasing demand for seamless and remote banking services and the need for enhanced risk mitigation and customer-facing software.
Cloud computing has become a critical driver of this industry-wide modernisation. It offers flexibility, speed, and scalability upon which future success can be built. It’s just as well, since clients now expect banking relationships to be defined by remote capabilities, integrated processes, and adaptable systems.
The benefits of embracing the cloud in banking are becoming increasingly evident. It leads to enhanced customer satisfaction, faster product development, and more scalable systems.
The migration question
Migrating sensitive functions and data to the cloud is complex. Commercial banks face challenges in ensuring operational security while upgrading legacy systems. Concerns about protecting customer and institutional data have made them cautious compared to other technology-led industries.
Regulatory requirements around data residency and cross-border transfers further complicate the situation, while the enormous transaction volumes involved mean risking even a moment of downtime is unthinkable.
As a result, many institutions choose to restrict the placement of data and applications to their private servers, using an organisation-specific cloud. This allows them to maintain strict security measures while providing developers and product managers greater flexibility.
However, this approach requires significant funding and a large in-house IT department to support storage capacity and the development of custom solutions, placing further pressure on the bottom line and ramping up operational risk.
Additionally, traditional platforms are designed with outdated architecture reliant on batch processes and lengthy updates. They are challenging to maintain, evolve, and integrate with other systems. Simply porting these platforms into a cloud environment does not resolve these issues.
Public cloud adoption is growing rapidly in the financial services industry. Over a quarter of banks plan to migrate more than half of their business. Deployment of any cloud-based software sits at 86%.
Want to learn more about Pismo’s corporate and core banking capabilities? Read our new product briefing here
Finding the right cloud partner
Considering these concerns, finding the right cloud platform provider is crucial to your organisation’s future. There are various options today, from new players established in the past few years to long-term names with industry pedigree.
Pismo provides a 100% cloud-native SaaS processing platform for banking and cards. Our system leverages the full capabilities of the cloud with an ethos that focuses on unparalleled flexibility, scalability, and availability.
Pismo was born on the cloud. That means our systems are entirely cloud-native and fully microservices-based. The software was built on the public cloud, designed to provide exemplary service across all banking channels.
Don’t just take our word for it. The numbers back us up. The Pismo platform handles more than $200 billion in transaction volumes yearly, from over 2.2 billion transactions. We’re experienced in transitioning our clients – whether neobank or Fortune 500 – from their legacy infrastructure.
Pismo success stories in the cloud
BTG Pactual, the most significant investment bank in Latin America, launched BTG Pactual Banking, its digital retail bank (initially called BTG+) in Brazil at the beginning of 2021 – after just eight months of development.
The digital bank uses the Pismo platform, hosted on Amazon Web Services (AWS), for back-end processing. It leverages the platform’s features for core banking, card issuing, payment processing, and other financial services.
The BTG Pactual team also activated tailored financial advice, an interactive and two-way connection to the investment app and a dynamic insights section that changes daily according to the customer’s behaviour.
Cora is a Brazilian digital bank that offers free checking accounts, debit and credit cards, and billing management for small and medium enterprises (SMEs).
Cora uses the Pismo cloud-based platform, hosted on AWS, to integrate its core systems with Visa and card embosser.
It approves 80% of the new accounts in less than three hours, a short time compared to other digital banks in Brazil. Three years after launching in 2020, Cora has exceeded 700,000 account holders.
Pismo is ready to help you take your next steps into a digital future. Read more about our digital offerings by clicking here.
