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Easy way top accomplish this … "No ZOOM!!  Everybody back in the office!!"

Jamie appears to ignore (to his peril) the potential challenges posed by SS&C and Broadridge, among others.  They have the ability to sieze huge portions of his processing businesses (which are built on legacy technologies).

As if this is "news."  Anyone who worked in the SFS and/or TTS operations areas of Citigroup could tell you that this software was in place, was never scheduled for replacement, and is still used.  But, the operations areas of Citigroup's [as well as all other processing banks] are replete with multiple systems such as these … and this is simply the first reported instance of such a problem.  Heck, JPMorgan Chase is still running modules from MHT technology platform (among others)!

The case being made by an analyst for a bank under indictment for covering up illegal money transfers by the Donald J. Trump organization.  A fairly chilling indictment of the case for anonymised, cash-oriented privacy.  For shame!

Plus ça meme chose …

Pretty badly written article … nowhere in the entire piece does the author name the banking institution with which this EMV deal was negotiated.

With no insult intended, for financial services "cloud computing" is "vaporware."  The degree to which SaaS can withstand the stresses of large volumes of data flows and transaction processing of equities, fixed income, FX, options, and other derivative transactions, in a crisis, is purely hypothetical and conjectural.  No large-scale transaction volume trading entity will allow itself to be exposed, and the concomitant risks incurred, to the ethereal notion of "cloud computing."

Buy-side and sell-side trading desks (and their infrastructures) may not be the epitome of how transactions SHOULD be performed, but they are less likely to be subject to the inevitable lawsuits that will arise if one relies on an untested, and non-"market practice" activity as "cloud computing."  The ERISA lawsuits alone would bankrupt the poor sap who follows this path.

This notion is being foisted by technology vendors (e.g., IBM), technology geeks, and CFOs, not compliance, risk management, operations, and legal.  Sounds like another "technology push," rather than "market pull," endeavour.