Standard Chartered To Run Strategic Workloads on AWS

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Standard Chartered Bank is strengthening its existing relationship with Amazon Web Services (AWS) by running strategic banking systems and customer-facing applications on the latter’s cloud platform.

The global bank is collaborating with AWS to drive its digital transformation and deliver new personalized banking services in its 60 markets worldwide.

Using AWS’s cloud infrastructure and services across its entire business, Standard Chartered looks to become more responsive to customer needs and create new applications. They include databases, containers, compute, networking, storage, and security.

According to the latest release, the bank will adopt AWS to improve resiliency, security, and privacy, while meeting compliance requirements across the bank’s global footprint.

The move comes as the digital banking space becomes more competitive. As customers look to their banking service providers to facilitate financial services, Standard Chartered is looking to reinvent the digital banking experience.

“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,” said Frank Fallon, Vice President, Financial Services at Amazon Web Services, Inc.

The strategy involves accelerating the design and deployment of new applications and digital services for its individual and corporate clients.

“Our continued work with AWS demonstrates our commitment to putting innovation and security at the heart of Standard Chartered’s digital transformation strategy,” said Dr. Michael Gorriz, group chief information officer at Standard Chartered. “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.

Standard Chartered is no stranger to using Amazon Elastic Kubernetes Service (Amazon EKS) to run significant applications. The bank launched its nexus banking-as-a service solution and Mox, its new virtual bank in Hong Kong, on AWS and continues to leverage AWS services to add new functionality to both.

The bank’s award-winning global payments system, SC Pay, and core banking system, eBBS, are cloud-native services that use Amazon Aurora, a cloud-native relational database, to store details of banking and e-commerce transactions. These include micropayments, resulting in faster and more secure transfer of funds with a reduced cost per transaction.

Standard Chartered’s Financial Market business, which includes risk management, financing, and investment services, uses AWS to run algorithms that assess market risk. It also leverages Amazon Elastic Compute Cloud (Amazon EC2) to enable the bank to scale up those workloads during peak demand flexibly. 

“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,” said Bhupendra Warathe, chief technology officer for cloud transformation at Standard Chartered.

Image credit: iStockphoto/ipopba