New model brings paradigm shift to banking sector as secure cloud delivery speeds deployment adding flexibility and scalability
Montran Corporation, one of the world’s leading providers of payment, market infrastructure and treasury management products and services, has partnered with Interoute and HWG. Combining Interoute’s global private cloud network with the expertise of managed service provider, HWG, will give clients the choice to deploy Montran’s applications in a SaaS model. Delivering on-demand market infrastructure solutions via the cloud will help customers adapt to an increasingly changing and regulated financial industry.
With over 35 years of experience developing robust payment solutions for tier-one multinational financial institutions, Montran will offer its payment and treasury management applications on demand. This will be available as a complete package, or as modular scalable solutions for banks, secured within Interoute’s privately networked, global cloud and managed by HWG.
“We partnered with Interoute and HWG because they can deliver the secure cloud performance needed to process instant payments for some of the world’s largest central banks and clearing institutions. In addition, functionality can be easily scaled on demand and in a way that is compliant with regulators’ demands,” explained Keith Esca, Business Development Manager, Montran Corporation. “Take PSD2 as an example. PSD2 requires banks to make their customer data available to third parties via open APIs and mandates that strong security standards are upheld. Interoute’s cloud, diligently monitored by HWG, will host our services gateway and allow us to offer additional security by ensuring a single point of entry through the cloud for third party provider access to the bank’s exposed APIs.”
This will enable Montran’s products to be easily integrated with a bank’s own systems and internal environments, as well as allowing solutions to cost-effectively scale as business requirements grow. The ability to provide these services from the cloud is an advantage for small and mid-sized financial institutions, which would otherwise face heavy overheads to operate additional internal IT infrastructure. It also reduces the time-to-market for launching value-added services to customers of larger tier-one banks.
The new model offers the same benefits as a hosted or service bureau off-premises installation, but delivery from the cloud brings additional ease of deployment, flexibility, scalability and quicker time to market for client offerings and compliance. In addition, the SaaS model offers significantly lower infrastructure overheads than those typically associated with in-house installations.
“The reliance on technology to fuel everyday transactions means regulators won’t tolerate any faults or downtime,” added Mark Lewis, EVP Products and Development at Interoute. “Organisations within financial services need access to a scalable architecture that guarantees resilience and high availability. Through this partnership we can combine Montran’s pedigree in delivering mission critical solutions and HWG’s specialised security management services with our ability to provide an ICT infrastructure that guarantees optimal scalability, security and performance.”
Montran will be offering end-to-end solutions on the platform – from domestic payment solutions to full-blown multi-national payment hubs and treasury management product platforms. Each will address the financial market’s use of APIs, instant payments and PSD2 initiatives.
The cloud underlying Montran’s platform is Interoute Virtual Data Centre (VDC), a globally integrated software-defined network and cloud infrastructure with 17 cloud zones across the world. Interoute VDC can deliver public, private and hybrid IaaS within its global private network, and is an ideal base for flexible, scalable SaaS products. The private network architecture means security is inherent to the cloud platform, and existing technology investments and data repositories can be integrated without re-factoring applications.
Montran’s SaaS solution incorporates a “Security by Design” concept delivered by HWG K-SEC, a multi-technology solution that enables shorter time to compliance and improved performance scalability. K-SEC is based on a set of advanced security detection functionalities combined with innovative machine learning techniques to detect and prevent even previously unidentified threats in real time. HWG will provide world-class 24-hour security and a support operation centre that will continually monitor, control and tune the end-to-end payments infrastructure, as well as application management on a bank client’s behalf.