State Street announced it’s engaged both Amazon Web Services (AWS) and Microsoft as strategic providers of cloud and infrastructure solutions in connection with its multi-year technology overhaul. State Street is consolidating its current network of segregated data center facilities to a more optimized data center footprint with fit-for-purpose designed and managed facilities.
State Street will modernize and standardize its technology infrastructure, leveraging automation and a combination of private cloud and public cloud capabilities. This hybrid and hyper-converged model combines all the elements of a traditional data center (storage, compute, networking and management) and will allow State Street to host workloads across private or public environments to optimize agility, performance, and scalability. This model will enable accelerated migration and modernization of applications, with the flexibility to accommodate strategic integrations.
As part of its ongoing technology transformation journey, State Street’s focus on modernization through the facility, infrastructure, and application stack will increase resiliency, enable rapid business product innovation, and deliver enhanced customer experiences. To advance its strategy and accelerate its technology transformation, State Street has entered into strategic engagements with leading cloud providers.
State Street selected AWS as one of its strategic cloud providers and plans to transition its two core North American data centers to AWS, while also maintaining operations in these data centers for a period of time as its technology transformation journey continues to evolve. The data center transition provides a path for State Street to rapidly modernize the IT infrastructure layers that a pure public cloud strategy does not address.
Building on the successful implementation and use of the Microsoft Azure cloud, previously announced in December 2020, State Street will expand its use of Azure as a platform for business applications. State Street will further leverage the Microsoft Azure platform across the enterprise to augment its technology infrastructure, standardize platforms and accelerate technology development.
Architecting and implementing a highly resilient, flexible data center and cloud architecture is central to State Street’s strategy. The AWS and Azure cloud architectures will allow clients to manage and access data in real-time across State Street tools and third-party services so that they can streamline their investment processes, while accelerating decision making.
“Our objective is to continually enhance our client experience and technology solutions while driving efficiency and productivity across our organization,” said Brian Franz, chief information officer at State Street, in a statement. “By standardizing and simplifying our technology operating model, we will be able to more quickly deploy client environments and launch new products and services, while continuing to enhance the resiliency of our technology environment and our business operations.”