Luxoft and Finastra, the financial software applications provider, have announced their work in migrating UK-based Co-operative Bank’s treasury infrastructure onto Finastra’s cloud-based solution.
Luxoft, the Swiss subsidiary of IT services company DXC Technology, is partnered with Finastra to manage the end-to-end implementation and services of Finastra Kondor in the cloud.
Based on Microsoft Azure, Finastra’s Fusion Kondor solution offers risk analytics, trade processing, position management, and real-time risk coverage for treasury systems.
"Moving from an on-premises model to a cloud-based managed service is a big part of our operational strategy for treasury activity," said Gary McDermott, Treasurer at The Co-operative Bank. "With Finastra's solution and the speed and flexibility offered by the cloud, we can continue to meet business requirements whilst ensuring regulatory compliance."
The bank’s migration follows a transformation in the banking industry. An Accenture survey released last April revealed that 80% of banks are already migrating, or have plans to migrate their mainframes to cloud systems.
"By moving to the cloud, The Co-operative Bank can pursue continued growth and innovation in the UK market," said Wissam Khoury, EVP Treasury and Capital Markets at Finastra.
Luxoft also recently announced its involvement in the implementation of an upgraded Temenos core banking platform for Maltese Bank FCM.
[Photo credit: Howard Lake, Flickr]