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These things do happen, but I'd be willing to place money on it not happening to a major financial institution. The day AWS and friends summarily terminate the
by jon-wood 5y ago
These things do happen, but I'd be willing to place money on it not happening to a major financial institution. The day AWS and friends summarily terminate the account of a major UK bank, causing people to lose the ability to access their money, would also be the day that every company in the country immediately pulls out the business continuity plan and digs into the section on dealing with having to migrate to a new provider.
- cm2187 5y agoI doubt the payment systems would run on a 3rd party cloud provider. But there are many other systems used by a bank, to calculate their risks, run their accounting, do their regulatory reporting, all the network drives that are used across the bank, emails, that could be killed in such a scenario. That alone is enough to threaten the stability of the banking system.
- andylynch 5y agoAny provider offering this kind of service is exceptionally unlikely to offboard any financial services firm without serious forethought- any outsourcing of critical processes like this would need pre-approval from the FCA and for a bank the PRA would take a hard look too.