July 03, 2017
The term cloud, generally used to describe any variety of web-based technology that is hosted by a third party, has been a steadily growing topic of conversation within the financial industry over the past several years. Cloud adoption rates have grown across most industries but have been especially significant within treasury and risk management. A recent FIS market study, Corporate Treasury – Rising to the Cloud, indicated that 81 percent of treasurers have already migrated, or are likely to migrate their treasury technology to the cloud.
Why the exodus from installed, or on-premises deployments, to cloud deployments, and what are the practical benefits of a cloud deployment to an organization? Treasury practitioners commonly cite three practical benefits of the cloud, when compared with other deployment options:
There are other important drivers to the cloud, such as improved security and scalability, which have also helped drive treasury and risk technology to the cloud. Overall, treasurers utilizing cloud deployments have a distinct advantage of delivering greater strategic value to the organization by being able to focus on managing treasury instead of worrying about how the technology is supporting their operations.