European Cloud User Coalition (ECUC) publishes its Position Paper on public cloud computing

• Leading European financial institutions established the ECUC in January 2021
• ECUC has developed a joint position on common solutions for secure public cloud enablement
• The resultant ECUC – Position Paper has now been published

The ECUC has announced the publication of its Position Paper on public cloud computing in the European financial industry. The motivation is to work with Cloud Service Providers to effectively resolve common issues upon cloud enablement that are being faced by financial institutions.

The Position Paper covers the topics of Privacy, Security, Governance and Regulation as well as Standard Contractual Clauses. It also contains the ECUC’s position on the EU’s proposed Digital Operational Resilience Act (DORA).

In January, the ECUC was founded and now has 19 financial institutions in Europe as members. It remains open to additional members that seek to collaborate on setting future standards for public cloud computing.

Among others Allied Irish Banks, Bank of Ireland, BAWAG Group, Belfius Bank, Commerzbank AG, Deutsche Börse AG, EFG Bank AG, Erste Group Bank AG, Euroclear, ING Groep N.V., KBC Bank NV, Landesbank Saar, Permanent TSB, Raiffeisen Bank International, Swedbank AB and UniCredit S.p.A. stand as ECUC members behind the Position Paper.

Euroclear group is the financial industry’s trusted provider of post trade services. Euroclear provides settlement and custody of domestic and cross-border securities for bonds, equities and derivatives to investment funds. Euroclear is a proven, resilient capital market infrastructure committed to delivering risk-mitigation, automation and efficiency at scale for its global client franchise.

The Euroclear group includes Euroclear Bank - which is rated AA+ by Fitch Ratings and AA by Standard & Poor’s - as well as Euroclear Belgium, Euroclear Finland, Euroclear France, Euroclear Nederland, Euroclear Sweden and Euroclear UK & Ireland. The Euroclear group settled the equivalent of EUR 897 trillion in securities transactions in 2020, representing 276 million domestic and cross-border transactions, and held EUR 32.8 trillion in assets for clients by end 2020.