European banks want to adopt innovative cloud technology, to allow them to – operate in a fast-developing digital environment, to serve customers and to adapt their business in order to strive for the EU’s digital leadership role.
In December 2017, the European Banking Federation launched the EBF Cloud Banking Forum, a policy hub on cloud computing for European banks and Cloud Service Providers to support a harmonised supervisory approach towards cloud computing. This will facilitate the adoption of public/hybrid cloud computing by European banks on a larger scale.
The 2nd EBF Cloud Banking Conference will present the results of this cooperation and allow supervisory authorities, representatives of EU institutions, Cloud Service Providers and European banks to engage on the future of cloud adoption, from both a European and global perspective. The event will also prove valuable in the context of the implementation of the European Banking Authority’s Guidelines on outsourcing arrangements.
ABOUT THE FORUM
The EBF Cloud Banking Forum focuses on specific regulatory developments related to cloud technology. The forum fosters the important exchange of IT architects, legal experts and cloud specialists from among EBF members (national banking associations and over 15 banks), Cloud Service Providers, and observers. The latter consist of Cloud Service Providers’ trade associations and EU authorities (ECB, EBA, European Commission).
The initial dialogue started with partners such as Amazon Web Services, Google, Microsoft, OVH and Salesforce. Over due course, more industry input was welcomed and the EBF Cloud Banking Forum expanded its reach by including additional players such as Aruba, IBM and Oracle. Pooling this expertise, the Forum is working on key recommendations in relation to the necessary supervisory framework in Europe. This will help relevant authorities in Europe to understand the specifics of cloud computing for the financial industry and will provide the context when implementing a framework for cloud use by financial institutions in Member States.
1) Public cloud solutions allow service providers to make resources available via an accessible network where multiple clients can share the same resources. A hybrid cloud is an integrated cloud service using both private and public clouds to perform distinct functions within the same organisation.