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PolishCloud Standard to accelerate Banks gateway to the cloud

On 19 March 2020, the Polish Bank Association (ZBP) published the PolishCloud standard for cloud computing implementations in banks. This contains a practical analysis of the key legislation concerning cloud services for the financial sector, including the Polish Financial Supervision Authority (UKNF) communication of 23 January 2020.

PolishCloud is being prepared by the Banking Working Group at the Polish Bank Association, whose main legal advisor is Kochański & Partners.

We are proud to have worked with the Polish Banks Association and associated banks, whilst having the active support of suppliers, on the most important standard to enable banks to implement cloud computing, in accordance with the latest communication from the Financial Supervision Authority. We hope that with PolishCloud the use of cloud computing solutions in banks will increase, thus significantly improving the quality and availability of services banks can offer their customers – says Daniel Kozłowski, Advocate, Senior Associate, Cloud Computing Project Manager at K&P.

The publication of the standard will significantly streamline the process of banks transition to the cloud with PolishCloud being a comprehensive roadmap of the procedures, required documentation and various stages of cloud implementation for the financial sector.

The introduction of cloud solutions is one of the biggest challenges faced by Polish banks today. PolishCloud may significantly speed up the implementation process, although financial institutions will still have to adjust their infrastructure and execute appropriate agreements. Optimistically, we can assume migrating the banking sector to full cloud implementation will be a matter of 1-2 years – comments Agnieszka Serzysko, Ph.D., Attorney at Law, Partner, Head of Financial Services at K&P.