The financial industry constantly faces the challenge of making its services efficient and secure while complying with regulatory standards. In this context, we are pleased to announce the launch of our new FINMA-compliant Investment Reporting Cloud. Starting in May this year, a mid-sized Swiss bank will use our innovative solution for its customer and fund reporting. This marks a significant milestone, not only for us but also for the bank, which is taking an important step towards outsourcing and increasing efficiency.
Background and Implementation
Our subsidiary, Cinnamon Services, which is responsible for operating the cloud, has developed a robust infrastructure based on Microsoft Azure. This platform meets FINMA’s strict requirements, and Cinnamon Services is ISO27001 certified, underscoring our commitment to the highest security and data protection standards.
The solution is designed to integrate directly with the bank’s cloud environment, ensuring seamless connectivity. This enables efficient and secure data transmission and processing, which is essential for financial sector reporting.
Furthermore, our Investment Reporting Cloud complies with the regulatory requirements of the FINMA Outsourcing Circular (RS 2018/3), which provides clear guidelines for outsourcing essential banking services. Our solution ensures that all relevant compliance requirements, including transparency, control mechanisms, and auditability, are fully met.
Monitoring and Security
A key aspect of our cloud solution is continuous monitoring by our 24/7 Security Operations Center (SOC). This constant surveillance is crucial for responding immediately to potential security threats and ensuring data integrity.
Additionally, our platform integrates security and resilience strategies in line with FINMA’s guidelines on Operational Risks & Resilience. This includes high availability and failover capability through redundant systems, as well as proactive security monitoring to detect and minimize operational risks at an early stage.
Benefits for the Bank
By outsourcing customer and fund reporting to our specialists, the bank can realize significant benefits. On the one hand, it reduces internal workload and costs; on the other, the bank benefits from our expertise and advanced technological solutions. This partnership allows the bank to focus on its core competencies while offering high-quality reporting services to its customers.
Future Plans
The positive response and trust placed in us by the bank reinforce our goal of expanding this platform further. Cinnamon Services is already in discussions with additional banks to onboard them onto our platform.
The launch of our FINMA-compliant Investment Reporting Cloud is a decisive step forward for reporting in the banking sector. We are proud to take this journey alongside our first partner bank and look forward to continuously improving and expanding our solutions to meet the evolving needs of the market.
Picture from C Dustin on Unsplash
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