“Multi-cloud is about portability and resilience, not running everything everywhere,” Pavlos Kleanthous, Founder & CEO of Parsectix emphasised during a fireside chat at the recent 13th Banking, Payments and Fintech Forum and Expo, presented by Logicom.
At the 19 January event in Nicosia, Kleanthous analysed how banks can realistically and safely move towards modernising their infrastructures, without increasing operational and regulatory risk.
The focus of the discussion was on the challenge of legacy systems and the changing economics of their modernisation. As Kleanthous mentioned, artificial intelligence is fundamentally changing conditions, allowing for faster understanding of old code, the extraction of business rules and the creation of extensive control and testing mechanisms. This now makes a gradual transition possible, with reduced costs and increased security, as long as there are clear boundaries, controls and human oversight in critical functions such as payments, identification and the fight against money laundering.
Special mention was also made of multi-cloud architectures, which – as he noted – should not be treated as an end in themselves, but as a tool to enhance resilience and the ability to break out of dependencies. The emphasis, according to him, should be on interoperability through open standards, on clear demarcation of applications and data, and on maintaining control at the application level, rather than on complex and expensive abstract platforms.
Referring to the DORA regulatory framework, Kleanthous stressed that compliance is not just about procedures, but the actual ability of an organisation to react to critical incidents. In this context, he highlighted the importance of local expertise and immediate decision-making, noting that operational resilience requires teams with clear responsibility and the ability to intervene immediately when a serious incident occurs.
The discussion was moderated by journalist Donna Kaparti.
Main Sponsor: Logicom Solutions
Gold Sponsors: Ecommbx, Freedom Holding Corp., PwC Cyprus
Silver Sponsor: Moneygate, Parsectix, Sliq
Strategic Partner: Cyta Business
Sponsors: GZG, IMR/University of Nicosia™, Teroxx, payabl.
Supporters: Alpha Bank, Bank of Cyprus, CDB Bank, Eurobank, National Bank of Greece (Cyprus), SGBCy
Exhibitors: EFFECT, Ellinas Finance, JCC Payment Systems, KLIDI, Profile Software
With the support of: ACB, ACEMPI, CFA Society Cyprus
Communication Sponsors: CBN (Cyprus Business News), GOLD magazine, IN Business magazine, Omega TV, Reporter, Super FM
Organiser: IMH
Website: www.imhbusiness.com
(Source: InBusinessNews)
