Cloud Computing for Financial Transactions ?

In money matters, perhaps, everyone will agree with the words : “Hands off my money”. Security in financial transactions is a necessary condition for their success. Privacy, of course, not a bad thing, but people are more inclined to trust their finances to those agencies that are able to prevent unauthorized access. The complexity of compliance with numerous legislative acts regulating the financial relationships, coupled with the need to ensure the safety makes the use of cloud computing in the financial institutions virtually impossible.

Nevertheless, Computer World magazine reported that some financial companies are considering the possibility of using cloud technology in their work.

The main reason that hampers the use of cloud computing companies such – is a lack of confidence in adequate data protection. The use of cloud technology instead of its own equipment company involves the credibility of third-party equipment and resources. However, those who rely on such technologies, are forced to trust not only servers, cloud hosting providers, but also the staff of the provider, as well as all the other companies (and thus their employees) who worked with them. In a sense, the use of cloud technology means “to entrust the work of outsider artist and as a consequence, also” trusted outsourced security and privacy. ” Moreover, in some cases, customers must rely on the provider and respect the relevant rules.

In the case of financial institutions that are accountable to both clients and government inspectors, such trust must be well-deserved. To date, these organizations do not consider cloud technology entirely credible.

Nevertheless, the cloud technologies offer tremendous advantages that many firms cannot ignore. Some companies and organizations are using cloud technology, either in non-critical systems or for testing.

Of course, this is a small, but nevertheless a step towards cloud computing. Such an approach, despite the limited use of a “cloud” systems that could facilitate adaptation to cloud computing and gradually develop credibility with staff and customers.

Nevertheless, regardless of whether firms get used and their clients with the idea of using cloud technology in more critical areas such as remittances, the latter will be given to government agencies.

Thus, despite its apparent or perceived advantages, the idea of using cloud computing in financial transactions may be stillborn, regardless of the views of relevant experts.

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