State Street taps AWS and Microsoft for cloud and infrastructure solutions
“By standardizing and simplifying our technology operating model, we will be able to more quickly deploy client environments and launch new products and services, while continuing to enhance the resiliency of our technology environment and our business operations.”
Amazon Web Services (AWS) and Microsoft have both become strategic providers of cloud and infrastructure solutions for State Street as the bank proceeds with its multi-year technology transformation journey.
State Street is currently consolidating its current network of segregated data center facilities to a more optimized data center footprint with fit-for-purpose designed and managed facilities.
To quickly deploy client environments and launch new products
The bank plans to transition its two core North American data centers to AWS, while also maintaining operations in these data centers for a period of time as its technology transformation journey continues to evolve. The data center transition provides a path for State Street to rapidly modernize the IT infrastructure layers that a pure public cloud strategy does not address.
State Street first deployed the Microsoft Azure cloud in December 2020 and will now expand its use as a platform for business applications to augment its technology infrastructure, standardize platforms, and accelerate technology development.
The AWS and Azure cloud architectures will allow clients to manage and access data in real-time across State Street tools and third-party services so that they can streamline their investment processes, while accelerating decision making.
Brian Franz, chief information officer of State Street Corporation, said: “Our objective is to continually enhance our client experience and technology solutions while driving efficiency and productivity across our organization. By standardizing and simplifying our technology operating model, we will be able to more quickly deploy client environments and launch new products and services, while continuing to enhance the resiliency of our technology environment and our business operations.”
State Street aims to modernize and standardize its technology infrastructure, leveraging automation and a combination of private cloud and public cloud capabilities.
State Street joined oneZero’s Ecosystem for its streams-based approach to liquidity
oneZero Financial Systems has recently added Cboe FX and State Street to the vast network of liquidity providers and venues within its EcoSystem. The fintech firm invested heavily into its institutional product function.
Now, State Street is utilizing both shared and tailored streams via direct relationships with their liquidity consumers. They will be able to send clients a customized, unique blend of liquidity, tapping into multiple streams that allow for individual pricing per client segment according to flow characteristics, as well as shared streams for scalability.
State Street’s Dan MacGregor stated that what caught the bank’s attention was oneZero’s streams-based approach to liquidity, which gave them confidence that oneZero would enable them to offer the drilled-down, customized liquidity that is central to positive trading outcomes.