Standard Chartered Bank has entered into a five-year partnership agreement with Amazon Web Services (AWS), to support its digital transformation and deliver new personalised banking services.
Built on the existing relationship between the two firms, the partnership will enable the bank run its strategic banking systems and customer facing applications on AWS.
Under the partnership, AWS will offer its infrastructure and cloud services to enable the bank address customer needs and create new applications.
By adopting AWS, Standard Chartered is expected to improve its resiliency, security, and privacy, while meeting compliance requirements.
Standard Chartered to use AWS services to enhance digital banking
Standard Chartered will use AWS services including database, containers, compute, networking, storage, and security, to improve the digital banking experience, and deploy new applications and digital services.
The bank is already using Amazon Elastic Kubernetes Service (Amazon EKS) to run significant applications and rapidly introduce new services with enhanced security, reliability, and scalability.
Standard Chartered has introduced its nexus banking-as-a service solution and Mox, a new virtual bank in Hong Kong, with support from AWS, and is using AWS services to add new functionalities to both applications.
In addition, the bank’s global payments system SC Pay, and core banking system, eBBS, are cloud-native services that leverage Amazon Aurora, a cloud-native relational database.
The applications use Amazon Aurora to store banking and e-commerce transaction details, including micropayments, for rapid and secure transfer of funds at lower costs.
Furthermore, Standard Chartered uses AWS to run algorithms for its financial market business, which includes risk management, financing, and investment services.
Amazon Web Services financial services vice president Frank Fallon said: “Standard Chartered Bank has been a trusted financial institution for the last 160 years and we are pleased that they have selected AWS as a strategic cloud provider to drive their digital transformation, while operating more efficiently and securely in the cloud.
“With this agreement, Standard Chartered is relying upon the most secure, reliable, and flexible cloud computing environment in the world. AWS’s unparalleled experience in powering global financial institutions will enable Standard Chartered to transition to the cloud with confidence and innovate faster than ever before.”
