PSB Alliance Empanels AWS to Provide Cloud Computing Services to Public Sector Banks

Amazon Web Services (AWS) India Private Limited has announced that PSB Alliance Private Limited (PSBA) has empanelled AWS as a cloud service provider to offer cloud computing services to India’s public sector banks.

PSBA is an umbrella organisation formed by 12 public sector banks and acts as a nodal body to deliver end-to-end technology-enabled banking services to them. It supports the Government of India’s financial reforms and Enhanced Access and Service Excellence (EASE) agenda, and aims to foster innovation in the financial ecosystem.

This empanelment will enable the public sector banks to seamlessly adopt AWS cloud services through PSBA’s Community Cloud Services, without a need to create separate procurement processes for their cloud computing requirements.

The empanelment will allow AWS to provide its services to member banks through two AWS Managed Service Providers (MSP) – Orient Technologies and Hitachi Systems.

Moreover, the banks will be able to migrate to the cloud and adopt a more agile technology infrastructure in line with their business goals and digital transformation strategy, and leverage technology expertise from the MSPs.

In addition, PSBA will provide banks access to software-as-a-service (SaaS) based financial service marketplaces, enabling them to offer services such as doorstep banking, and subscribe to eBKray, an innovative end-to-end listing and auction platform to manage Non-Performing Asset (NPA) loans.

“Over the next few years, we expect several public sector banks to shift their non-core banking workloads to the cloud. Our endeavour to empanel AWS allows public sector banks to draw on the experience of their peers, establish and reinforce industry best practices, and take advantage of the combined scale of operations. Our member banks can secure better pricing structures and enhanced value from cloud services,” said Eric Anklesaria, Senior Advisor, PSBA.

As next steps, the MSPs will conduct a cloud migration assessment and readiness study for each of the public sector banks and help them build a migration roadmap.

Initially, the banks will use cloud services for non-core banking applications, such as loan origination system, loan management system, cash management system, WhatsApp banking, IVR system (contact center), supply chain finance, customer relationship management, human resource applications, development and user acceptance test environments, data lake and data analytics, and microfinance credit management.