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Cloud banking is in the spotlight at London Tech Week 2022

by Kerem Gülen
July 5, 2022
in News, FinTech
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Understanding the cloud banking dynamic may help businesses seeking to scale take advantage of significant funding possibilities. The ways that banking, finance, and technology converge at London Tech Week provide a wealth of information about the U.K.’s economic environment.

Cloud banking is the future of FinTech

Data show that U.K. tech firms have raised an outstanding £12.4 billion ($14.8 billion) in venture capital (VC) funding thus far this year, according to Culture Secretary Nadine Dorries and Chancellor of the Exchequer Rishi Sunak in their respective keynote addresses at the beginning of the ongoing London Tech Week.

Local businesses Checkout.com ($1 billion in Series D investment), Paddle ($200 million), Starling Bank ($131 million), and Thought Machine ($224 million) are notable benefactors.

Understanding cloud banking dynamic may help businesses seeking to scale take advantage of significant funding possibilities.
The emerging industry of cloud banking also has similarities to the early days of cryptocurrency.

From all appearances, the focus on highly flexible system architectures and a financial technology strategy that puts the cloud first is what London’s high-flying FinTechs have in common.

With programmability at its heart and a distributed design, the most recent generation of cloud-native banking and payment platforms can handle transactions more quickly and effectively than older banking systems.

Thought Machine announced the release of Vault Payments earlier this month. According to the company, the new platform “will support any payment type, card, or payment scheme, [and] enable banks to create powerful payment flows, consolidate disparate systems, and dramatically reduce the cost and complexity of executing cards and payment processing.”

In other words, Vault Payments develops answers for today’s issues while still being adaptable enough to address PayTech that doesn’t even exist.

Understanding cloud banking dynamic may help businesses seeking to scale take advantage of significant funding possibilities.
The focus is on highly flexible system architectures and a financial technology strategy that puts the cloud first.

The emerging industry of cloud banking also has similarities to the early days of cryptocurrency, when the fledgling Ethereum network was a similarly avant-garde distributed computing experiment.

The entrepreneurs creating cloud-based financial services have no way of predicting the industry’s future, just as the early Ethereum supporters who anticipated the vibrant ecosystem recognized today. Instead, companies will need to put their faith in the technology’s inherent adaptability and scalability to meet difficulties as they come up.

Even previously different settings may now be connected owing to interfaces like Vault, as words like “cross-chain,” “platform-agnostic,” and “open metaverse” are more frequently used to characterize technology that rejects being bound to a closed system.

The sustainability aspect of cloud banking

Although cloud computing, in general, is only as efficient as the way it’s utilized, cloud banking has the potential to reduce the sector’s carbon footprint because it’s often more efficient than traditional financial systems. For instance, Schneider Electric research shows that the sector professionals don’t meet IT sustainability promises.

A monolithic financial system won’t receive any of the benefits of a microservice-based design by being moved to the cloud. And a study of the carbon emissions linked to Bitcoin mining reveals that there isn’t much about the distributed approach that is inherently efficient.

Understanding cloud banking dynamic may help businesses seeking to scale take advantage of significant funding possibilities.
Cloud banking has the potential to reduce the sector’s carbon footprint.

Thought Machine creates solutions for challenger banks that are not exclusively digital-first to address this issue. The organization is also assisting older banks to effectively shift to cloud-based alternatives due to their aged system architectures.

In the end, more work will need to be done to construct tomorrow’s cloud banking infrastructure, and neobanks matching Starling’s severe position in the fossil fuel business might be a starting point. This is true if UK entrepreneurs truly support environmental causes. We were discussing if banks are ready for the Payments Services Directive, and today we are talking about the future of cloud banking.

Tags: bankingcloudfintech

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