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City Network launches compliant cloud for banking and finance in UK and Germany

April 6, 2016
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City Network – a leading European provider of infrastructure-as-a-service (IaaS) built on OpenStack – today announced that City Cloud for Bank & Finance will be available in Europe’s leading financial centres. The service will be launched in Germany and the United Kingdom through the establishment of two new data centres in Frankfurt and London. City Cloud for Bank & Finance is a compliant IaaS for companies within the banking and finance industry and other organisations with high security requirements. The service meets all security and regulatory requirements, i.e., Solvency and Basel.

– The digitalization offers new business opportunities for the traditional banking and financial industry, said Johan Christensen, CEO and founder of City Network Furthermore, its providing a large opportunity for innovation which is proofed by the current investment boom in fin-tech companies. With the launch of City Cloud for Bank & Finance in Europe’s leading financial centres, we give this industry an enabler to take full advantage of digitalization, disrupt the business and improve innovation.

The infrastructure service enables companies in the banking and financial community to securely build dedicated cloud services and thus leverage the cost-effectiveness and flexibility of the cloud. Based on specific customer needs, its possible to deploy services as private- public-, or hybrid clouds. IaaS is one of the most accelerated growing trends in the IT industry today. Gartner predicts that until 2019 the market will grow by 30 percent annually*.

City Cloud for Bank & Finance will be available in Germany and the UK from the summer of 2016. Both the physical security of the data centre where the service is located, and requirements for logging, monitoring and traceability, meets EU requirements for security and compliance. City Network, whose entire operations are certified in accordance with ISO 27001, the standard for information security, are responsible for qualifying and adding new customers and users to the service. The business model resembles that of the company’s public cloud service City Cloud, i.e., customers pay for the capacity they use. The difference lies in how customers are qualified and given access to the service.

Since autumn 2015, the service has been available on the Swedish market where, among others, the insurance giant Folksam has chosen to run parts of their IT infrastructure through City Cloud for Bank & Finance.