State Street is in the process of consolidating its current network of segregated data center facilities into a more optimized footprint based on fit-for-purpose designed and managed facilities.
For achieving this objective, State Street has engaged both Amazon Web Services (AWS) and Microsoft as strategic providers of cloud and infrastructure solutions, it said. This consolidation will also be in line with State Street’s multi-year technology transformation initiative.
Through this transformation, State Street will modernize and standardize its technology infrastructure, leveraging automation and a combination of private 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.
Brian Franz, Chief Information Officer of State Street Corporation said:
“Our objective is to continually enhance our client experience and technology solutions while driving efficiency and productivity across our organization. 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.”
Modernization advantages
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.
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.