The SunGard-as-a-Service offering consists of five components: connectivity, security, load balancing, computing power and managed tiered storage. Each is scalable within an overall package, meaning that customers can adapt their private cloud to their specific requirements.

The new service will be delivered on a shared infrastructure operating across SunGard's network of UK technology centres, offering a fully managed enterprise IT infrastructure with an emphasis on resilience and security - both physical and virtual, says the vendor.

As well as offering firms greater flexibility, cloud computing also helps slash IT spending by minimising capital expenditure, claims SunGard. All systems are managed by teams of specialist engineers who man the facilities on a 24/7 basis, allowing CIOs to keep their own teams focused on the processes and applications the organisation manages itself.

Mats Lillienberg, CTO, SunGard Financial Systems, says: "We recognised that in order to offer true cloud-based Software-as-a-Service solutions to our blue chip customers, we needed to assure them that we have the secure cloud infrastructure in place to protect their data at all times. Now, with SunGard Availability Services' network of highly resilient data centres, we are able to offer fully scalable, high performance computing, managed by experienced and highly skilled engineers."

The resilience of the cloud computing model as a medium for storing critical business data took a knock recently after a server malfunction at a Microsoft subsidiary wiped out personal data stored by T-Mobile Sidekick users.

Banks seem far from convinced by the technology, with a survey from TechMarketView for vendor Temenos this Summer showing that, despite the hype, cloud computing has yet to gain real support among banks, many of which are concerned about the security and potential risks of a technology they view as immature.

View an interview with Clare Porter, SVP, Infinity at SunGard where she discusses the 'private cloud' here.