Pismo has launched its latest deep-dive whitepaper this week, exploring the methodologies for success when migrating card processing systems to the cloud.
Card processing on the cloud: Visibility, availability, scalability seeks to answer why so many financial institutions have yet to move such critical infrastructure to the cloud.
The cloud is familiar, even in an industry like financial services. Financial institutions know the potential they could unlock with cloud adoption. Yet many have only dipped their toes. It has always been a “nice to have”, which organisations knew they would get to at some point in the future.
Things have changed. Cloud adoption is no longer the destination; it is the journey. Modern banking requires leveraging the latest technology at its foundation. Organisations realise that cloud migration can transform their underlying infrastructure and ecosystem. Cloud maturity is becoming a benchmark by which forward-thinking banks judge their progress.
Busting the myths
As a cloud-native financial technology firm, we’ve heard plenty of reasons why some banks don’t like the idea of the cloud. This is why you can find some of the most common cloud banking myths busted in the new paper.
Some may argue that the disparate components of a cloud infrastructure introduce more points of failure. It is often the opposite. Frameworks handle the complexity of interconnected components, while microservices architecture enables flexibility. Compare this with the single point of failure a legacy mainframe system can represent!
Another myth busted in the report is that cloud systems leave an organisation reliant on a single vendor, locked in for long contract periods. However, the best headless systems exist alongside partner networks, meaning you receive best-in-breed service across multiple verticals from various providers.
“What” is as important as “when”
While card systems may have once performed the same batch processes day in and day out, the world has moved on.
Systems designed and deployed years before the turn of the millennium must now cater to a new paradigm of ubiquitous digital banking and API connections. Open banking and real-time payments demand a 24/7 operation, which only a cloud-native solution can genuinely support.
Despite this, many organisations are hesitant to move to the cloud. For this reason, Pismo has provided a guide to how we perform migrations for our clients in its new whitepaper. We also have some experience in it, moving more than one million accounts in a single month.
From the discovery phase, where all project needs are outlined, to the sandboxing and implementation, the paper covers just how Pismo makes it easy for financial institutions to transition to a next-generation cloud platform.
Download the paper — “Card processing on the cloud: Visibility, availability, scalability” — today!
