3 ways cloud is transforming the banking industry - Cloud computing news

Banking firms have many of the same IT challenges of any other industry: infrastructure scalabity requirements, the need for application modernization and a pressure to use data to build better customer experiences. At the same time, banking firms also face some of the most stringent security and compliance standards of any industry. Cloud technology can be a powerful tool for meeting these demands simultaneously. In France, approximately 50 percent of corporate fraud attempts involve tricking companies into diverting payments into a criminal's bank account instead of paying suppliers. With help from IBM, SiS, a French company that specializes in fraud protection, built a blockchain in the IBM Cloud that acts as a tamper-proof repository of verified bank information, and developed a service that helps clients check transactions and detect anomalies in seconds.