Banks’ cloud adoption boosted by policy dialogue

EBF PRESS RELEASE           

Banks’ cloud adoption boosted by policy dialogue

BRUSSELS, 8 July 2019 – At its second public event, the EBF Cloud Banking Forum will mark significant progress towards rapid adoption of public and hybrid cloud solutions by banks. In particular, the steps taken for clear supervisory oversight in Europe. Participants in the forum have given more insight in the state of cloud adoption by European banks and have paved the way for a common understanding of requirements, such as reporting and testing of exit plans.

Since its inception two years ago, the EBF Cloud Banking Forum has established a much-needed exchange between IT architects, legal experts and cloud specialists from banks and cloud services providers. EU authorities including the European Central Bank, European Banking Authority and the European Commission act as observers.

Cloud technology allows large contributors to the Digital Single Market, including banks, to modernise their IT architecture and business processes drastically, ultimately gaining cost efficiency. Many banks are eager to adopt. However, the migration from on-premise solutions to a multi-cloud environment is a meticulous effort for banks that requires thorough assessment of risk and control levels. Through its work, the EBF Cloud Banking Forum looks to foster a coherent approach across the EU that can only be achieved with the comprehension of all involved authorities. Only with all the risk, reporting and compliance expectations aligned, banks will be enabled to adopt public and hybrid cloud solutions within a competitive timeframe.

For more information and all the deliverables of the EBF Cloud Banking Forum including technical recommendations and lists of participating organisations please visit www.ebf.eu/cloudbanking

For more information about the EBF Cloud Banking Forum:

Julian Schmücker, Policy Adviser Digital and Retail, j.schmucker@ebf.eu

Media contact:

Nahuel Mercedes, Communications Officer, +32 474 98 13 61, n.mercedes@ebf.eu

About the EBF:

The European Banking Federation is the voice of the European banking sector, uniting 32 national banking associations in Europe that together represent some 4,500 banks – large and small, wholesale and retail, local and international – employing about 2.1 million people. EBF members represent banks that make available loans to the European economy in excess of €20 trillion and that securely handle more than 400 million payment transactions per day. Launched in 1960, the EBF is committed to creating a single market for financial services in the European Union and to supporting policies that foster economic growth.