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Form3 Details Multi-Cloud Strategy for Financial Services to Address Regulatory Concerns
Key points
- UK banking regulator expressed concerns about cloud concentration risks.
- Form3 adopted a multi-cloud strategy in response to customer needs.
- Initially, Form3 built its v1 architecture tightly coupled to AWS.
- The company processes account-to-account payments for banks.
Regulatory Drivers for Multi-Cloud
In 2021, the UK's banking regulator highlighted concerns regarding concentration risks in the financial sector due to banks' reliance on a few cloud providers. The regulator emphasized that banks must have the capability to exit a cloud provider if necessary. This regulatory stance prompted Form3's customers, including a major UK bank, to request a multi-cloud strategy.
Form3's Role in Payments
Form3 provides account-to-account payment services, connecting banks and financial institutions to payment schemes across the UK, Europe, and the U.S. The company's infrastructure handles a significant volume of bank transfers, making its operational resilience critical for financial services.
Initial AWS-Centric Architecture
Form3's initial architecture (v1), developed approximately 9-10 years ago, was designed for rapid development and was tightly integrated with AWS. This setup utilized AWS services like ECS for Docker containers, SQS for message queuing, and RDS for PostgreSQL databases. This approach allowed Form3 to offload infrastructure management responsibilities to AWS and accelerate its market entry.
Transition to Multi-Cloud
The shift towards a multi-cloud strategy was driven by customer demand, stemming from the regulatory push for cloud exit capabilities and reduced concentration risk. Form3's VP of Engineering, Kevin Holditch, presented how the company adapted its platform to operate across three different cloud environments to meet these evolving requirements.
✨ This summary was generated by AI from the outlets' reporting listed below. It is not independently verified and may contain errors — check the original sources. How BrevFeed works →
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Reporting from
Form3, a payment processing company, outlined its approach to running its platform on three different cloud providers simultaneously. This strategy was developed in response to UK banking regulator concerns about concentration risks associated with financial institutions relying on a limited number of cloud providers.