SWIFT said it will allow users to connect to its messaging network and applications through public cloud service providers including Amazon Web Services, Google Cloud and Microsoft Azure.
They will connect to the SWIFT network via Alliance Control Virtual, a connectivity option allowing users to use SWIFT virtual private network (VPN) connections with these selected public cloud providers, rather than having to host hardware on-premises in their own data centers.
The Brussels-based messaging specialist says the move will improve access to its messaging network, facilitating new innovations to promote resilience and security.
SWIFT says moving to the public cloud will allow financial institutions to reduce costs, improve automation and enhance their compliance procedures without compromising security or business agility.
With these goals in mind, SWIFT has worked with selected public cloud providers to ensure compliance with its Customer Security Program (CSP), which is designed to strengthen the protection of financial institutions against cyberattacks and to protect the integrity of the wider financial network.
SWIFT has been fine-tuning the new Alliance Connect Virtual service with a range of early adopters, including financial institutions and new digital banks, and is now in the final stages of testing. It plans to launch the service by the end of 2022.
Commenting on the development, Stephen Gilderdale, Chief Product Officer of SWIFT, said: “Cloud technology has been a game-changer for the financial industry over the past decade and will be a key enabler of the future forms and flows of money.
“We are proud to build on our current success with cloud strategies to help our community easily and securely access the SWIFT network across the globe and benefit from the power of the public cloud.