State Street Taps AWS and Microsoft to Accelerate Technological transformation

Boston-headquartered State Street Corporation has selected Amazon Web Services (AWS) and Microsoft as its strategic providers of cloud and infrastructure solutions to accelerate its technological transformation.

Through this partnership, State Street plans to transition its two core data centers in North America to AWS. The data center transition provides a path for State Street to rapidly modernize the IT infrastructure layers.

The company has cooperated with Microsoft earlier in 2020 and adopted Microsoft Azure, Microsoft's public cloud computing platform, at that time. With this collaboration, State Street will expand its use of Azure as a platform for business applications, leverage it to enhance the bank's technology infrastructure and 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. Backed by AWS and Azure cloud architectures, customers will be able to manage and access data in real-time across State Street tools and third-party services, simplifying their investment process and speeding up decision-making.

Brian Franz, Chief Information Officer at State Street, 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."

The corporation's strategy execution is supported by its solid financial performance. Last week, State Street released its financial report for the fourth quarter of 2022​, showing its total revenue reached US$3.155 billion, an increase of 7% month-on-month and 3% year-on-year.