News!: Opus Technologies Launches FinGeniusAI Solutions – An Open Innovation Platform for Building Future-Ready Solutions.. Know More
News!: Opus Technologies Launches FinGeniusAI Solutions – An Open Innovation Platform for Building Future-Ready Solutions.. Know More

Cloud Migration

Unlocking the Potential of Applications with Cloud Migration

Transforming existing payment systems with digital capabilities, Opus excels at delivering cloud infrastructure without causing any disruption to consumer applications. Through expert cloud migration services, Opus enables its clients to achieve improved service delivery, resilient business models, and future-ready products.

Key Challenges Faced by Banks and FIs During Cloud Migration

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Resistance to adopting cloud technology due to heavy reliance on legacy infrastructure and monolithic applications

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Complexities due to strict laws governing data security and privacy in the banking and financial services industry

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Lack of buy-in for cloud from industry bodies that formulate and oversee regulatory compliance

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Concerns related to moving a large volume of data onto the cloud can create inconsistencies or downtime if not executed with utmost precision

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Incompatibility of core applications with cloud-based technology that may call for rearchitecting or rebuilding

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Lack of in-house resources to plan, test, and execute a full-fledged cloud migration strategy

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Missing synergy between the IT and the business units, which often leads to conservative budgets and limited implementation

Stay ahead of the curve with a custom-tailored cloud migration strategy

API ecosystems and microservices are the backbone of modern banking systems across the globe. These technologies allow banks to work with data, connect seamlessly with vendors, and offer a wide array of solutions to customers. To achieve high levels of operating efficiency, these technologies require the flexibility and scalability of cloud infrastructure. Opus builds modern and nimble payment ecosystems by leveraging the power of the cloud. Based on the specific requirements of the application, our experts define the right strategy for cloud migration to optimize throughput.

Our cloud migration solutions include
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Examining the current IT infrastructure and offering recommendations on cloud strategies, cost optimization, and cloud migration

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Migrating applications and data infrastructure from on-premise data centers to cloud-based environments

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Deploying a containerization strategy to make the code portable, lightweight, and scalable

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Re-engineering or rewriting applications to leverage the inherent properties of cloud-based platforms

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Implementing platform-as-a-service (PaaS) solutions to develop, deploy, and manage applications in the cloud

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Adopting a security and compliance policy for the cloud infrastructure to mitigate potential threats

Opus leverages the modern tech stack through cloud migration

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Ability to leverage the latest technology, such as AI, ML, and NLP, with a pay-as-you-use model

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Allows banks to provide differentiated offerings through modern technology adoption

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Enables faster time to market, new revenue streams, and meets the evolving needs of customers through the use of dynamic application infrastructure and third-party integrations

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Opens the gateway to an API ecosystem, data management, and powerful analytical tools that could be leveraged to deliver real-time payments, liquidity management, and high-value cross-border transactions

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Optimizes the cost of operations and maintenance through improved resource utilisation, demand-based scaling, and eliminating the upfront capital cost

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Improves data security by integrating data governance frameworks and using hyper-scale services to keep the mission-critical system up and running

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Frequently asked questions

Cloud migration is a critical step for any financial institution, and it should be preceded by a well-documented migration strategy. The strategy should outline the right approach for moving the application as well as resource allocation in the cloud. In terms of application, an organization must choose from one of the seven options: rehost, replatform, relocate, repurchase, refactor, retire, or retain. The approach for resource allocation depends on how data should be stored and shared and the kind of computing power that can be provisioned on demand.

The five phases of cloud migration are prepare, plan, migrate, operate, and optimize. The first phase includes identifying dependencies related to the app and database, and understanding the current database workload. The planning phase includes making a rational decision on the right migration strategy to choose, such as lift and shift, relocate, rearchitect, or retire. The third phase is where the migration takes place, followed by an exhaustive testing routine. The operating phase involves following best cloud practices, and the last phase involves defining performance benchmarks and optimizing for efficiency and cost.

The ability to integrate modern technologies, such as AI and ML, with core banking applications is one of the key benefits of cloud migration. It also opens the gateway to the API ecosystem, which is critical to providing differentiated offerings to customers through co-creation with vendors. With effective cloud migration, operational and maintenance costs can be reduced, as one can opt for a pay-as-you-use pricing model.

Cloud deployment means transferring the application code and database to a cloud infrastructure – private, public, or hybrid. Most financial institutions opt for customized cloud services offered by the top global players, such as AWS, Google Cloud or Microsoft Azure.