9 November 2020 - Financial Industry

Financial cloud services from IT Svit

Financial cloud services are an important part of any business, be it US-based or global. IT Svit provides experienced DevOps dedicated teams that enable various approaches to use cloud computing in financial services.

Every business that interacts with its customers online has to have some sort of financial services in play. Whether your company provides financial services or just accepts some payments for your products and services — this is best done in the cloud. IT Svit helps enable cloud computing in financial services and reach any business objectives your company might have.

Running your cloud-based financial services

If your company provides financial services, cloud computing is the best choice to host them. Cloud platforms like AWS or Google provide security, scalability and reliability of operations. IT Svit helps configure cloud computing for financial services to maximize its cost-efficiency, transparency and manageability.

Building your financial cloud solutions

If your business has to process lots of financial transactions, it is best to do this in the cloud. This helps keep customer data and billing history in encrypted form in secure databases to prevent any danger of misappropriation or hacking. IT Svit can enable various security measures to keep your customer financial data on the safe side.

Using cloud in financial services

Every business has to interact with its customers somehow. This interaction must involve a financial component, as every business wants to make a profit. Regardless of your business model, whether financial services are the core of your business or just the means to pay for your products or services — this is sensitive information that can be always available and stored securely. Thus said, using the cloud in financial services is an essential component of success for any business.

One of the most important features of the cloud is its scalability. You rent some cloud resources that should be sufficient for your needs, but if they are not enough and you need more — the cloud allows you to get more in seconds while configuring another dedicated server can take up to several hours. As all the cloud resources allocated in the geographical vicinity of your cloud vendor’s availability zone are combined in a common pool using virtualization, you can configure the system to add more resources and scale horizontally and vertically with ease, should the need arise. What is even more important, once the workload spike is over, the excessive resources can easily be shut down and returned to the vendor’s pool, so you don’t overpay for idle servers.

This approach ensures the cost-efficiency of operations and is reflected by the Pay-As-You-Go billing model used in the cloud. You are billed per second (or millisecond for some web services like serverless computing), which helps minimize the bills for your financial services in the cloud.

As we mentioned above, security is crucial, and cloud architecture helps ensure security. AWS CloudTrail, Google Security, Kubernetes Pod Security Policies, secure architecture of Docker containers, database encryption and process isolation — all of these features and web services can safeguard the sensitive data of your customers.

Using the cloud to run your financial services ensures the systems are highly secure, perform well under heavy workloads, can scale up and down easily to meet your business demands  — but turning this into reality requires some in-depth understanding of cloud computing, as well as the precise configuration of various systems and web services.

This is where IT Svit steps in. We provide 5+ years of expertise with configuring the cloud computing features to run financial services, so our customers can be sure their projects are always online and run cost-efficiently. From building and running e-Commerce sites to delivering payment processors and enabling the swift performance of distributed apps based on the blockchain technology — IT Svit can handle any implementation of cloud computing for financial services.

Building solutions for cloud financial services

All the aforementioned benefits of using cloud computing to run financial services apply only on one condition — if your cloud infrastructure is configured correctly. You need to have an in-depth knowledge of the ways various web services work and interact, what cloud-native AWS or Google Cloud Platform features are essential for running your project and what could be replaced with open-source alternatives with relative ease.

There are multiple ways your cost-efficiency can fail, cloud security can be breached and sensitive data of your customers can be exposed — from subpar system structure planning to incorrect settings of various system components and modules. For example, almost all cloud-based financial services nowadays run atop Kubernetes clusters, but nearly 90% of those are run with Pod Security Policies disabled (as these are disabled by default). Thus said, IT Svit has had a fair share of uncovering potential security breaches, meaning sensitive data and financial transaction details of your business can be at risk.

IT Svit has developed a detailed procedure for building secure, cost-efficient and highly-performant solutions for financial services in the cloud for our customers. We can help redesign the existing systems to correct the initial architectural flaws in your cloud infrastructure, implement new solutions to ensure cost-efficiency and build these solutions to be easily manageable and scalable — but to make certain these don’t scale out of hand.

The last, but not the least important application of cloud computing for financial services is the continuous development of your product to remain competitive on the market. This means implementing CI/CD pipelines — automated processes of interaction between various tools that enable the developers to build, test, perform canary deployments and push their code into production much easier than with a standard Git-flow.

This ensures predictability of releases, transparency of deployments, greatly reduces the number and severity of bugs discovered in production, enormously reduces the feedback loop and time-to-market for new features. The same principles can be applied to cloud infrastructure management, enabling smart monitoring logging and alerting, as well as automated response scenarios for the most common incident types, greatly reducing the strain of managing your daily IT operations in the cloud.

Why hire IT Svit to manage your cloud-based financial services?

The key benefit of partnering with a Managed Services Provider like IT Svit is that we are able to provide the full range of software development and cloud infrastructure management services for any aspect of financial services your business is involved with. We can ensure the security of your financial transactions, the resilience of your financial cloud services, the speed and reliability of your software development, updates and monitoring.

Should this sound like the kind of services you need — contact us right away and we would be happy to help implement your next project concerning financial services in the cloud!

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