Keep Payments Running During Cloud Outages
â–¼ Summary
– Volante Technologies launched a Multi-cloud Resiliency Service to ensure financial institutions’ payment operations continue during major cloud provider outages.
– The service addresses significant financial and reputational risks from cloud concentration, as outages can cost millions per hour and damage customer trust.
– It provides rapid disaster recovery failover to a secondary cloud with minimal downtime and data loss, helping clients meet regulatory resilience requirements.
– The solution is built on a secure, certified cloud-native platform and includes robust data protection features like encryption and access controls.
– Volante plans to enhance the service with expanded cross-cloud capabilities, automation, and predictive analytics for proactive resilience planning.
Financial institutions face a critical vulnerability when their payment systems rely on a single cloud provider, as major outages can halt transactions and cause severe financial and reputational harm. Volante Technologies has introduced a Multi-cloud Resiliency Service designed to eliminate this single point of failure. This new offering, built upon their existing cloud-native payments platform, ensures cross-cloud continuity so that payment operations can continue without interruption even during a significant cloud provider disruption.
Recent widespread outages from major cloud companies have made the risks of cloud concentration painfully clear for banks. The consequences are not minor; they include transaction failures, steep penalties for breaching service agreements, loss of customers, costly recovery efforts, and lasting damage to a bank’s reputation. While industry analysis suggests financial sector outages can cost over $2 million per hour, the actual exposure for many institutions is often much higher. This reality transforms operational resilience from an optional IT project into an absolute business imperative.
“Payments are the lifeblood of the global economy, and downtime is not an option,” stated Vijay Oddiraju, CEO of Volante Technologies. He emphasized that resilience must be actively engineered and tested, not just documented. This service is engineered to maintain payment flows through major cloud disruptions, providing both financial institutions and their end customers with greater confidence and reliability.
The service tackles this challenge by enabling rapid disaster recovery failover to a secondary cloud environment. The process aims for a brief switchover window with zero data loss. For clients using Volante’s Platform-as-a-Service, opting into the resiliency feature requires minimal configuration changes. Volante manages the ongoing operational readiness and testing, which also assists institutions in meeting stringent regulatory expectations like those outlined in the Digital Operational Resilience Act (DORA) and other global frameworks.
“The risk from cloud concentration is a direct threat to revenue, reputation, and regulatory compliance,” explained Deepak Gupta, Chief Product, Engineering, and Delivery Officer at Volante. “Architectures dependent on one provider cannot meet modern resilience standards as payments move to the cloud. Our service is purpose-built for payments, enabling continuous cross-cloud processing when a primary cloud fails and helping clients proactively address regulatory demands.”
This new resiliency service extends the secure, highly available foundation of Volante’s existing SaaS offering. It incorporates additional protective layers, including strict data access controls, role-based security entitlements, and robust encryption for data both at rest and during transmission.
The solution upholds the highest standards of enterprise assurance through a comprehensive suite of internationally recognized certifications. These include PCI DSS 4.0, SOC 1 and SOC 2 Type 2 reports, and ISO standards for information security, cloud privacy, business continuity, and privacy management (ISO 27001, 27017, 27018, 22301, and 27701).
Looking ahead, Volante intends to enhance the Multi-cloud Resiliency Service with broader cross-cloud capabilities, increased automation, and predictive analytics. These planned advancements will support more proactive resilience planning and execution for financial institutions worldwide.
(Source: HelpNet Security)