Cockroach Labs & PwC UK Partner for Legacy Transformation

Cockroach Labs, a leader in cloud-native distributed SQL databases, has partnered strategically with PwC UK, the global professional services firm. 

Aiming to tackle the challenges of regulatory compliance and mainframe modernisation, the partners will provide comprehensive solutions to financial institutions looking to navigate the complexities of operational resilience, data sovereignty and the migration from legacy systems.

Operational resilience paramount today

Indeed, the focus on operational resilience has only heightened in recent times, with the introduction of the Digital Operational Resilience Act (DORA) and local directives like the Bank of England’s Prudential Regulation Authority (PRA) necessitating multi-region and multi-cloud platforms. 

“Designing for operational resilience is paramount as significant regulatory headwinds underscore the importance of multi-cloud and multi-region platforms,” says Jon Maskery, Cloud Transformation and Payments Leader at PwC UK. 

“We view CockroachDB as more than just another database within a crowded market. It provides our clients with a critical solution to reduce regulatory risks associated with data sovereignty, operational resilience and cloud transformation.”

Form3, a global payment technology platform and a client of Cockroach Labs, exemplifies the application of CockroachDB in building a scalable and resilient multi-cloud infrastructure, which enables organisations to maintain operations even during severe disruptions.  

Kevin Holditch, Head of Platform at Form3, adds: “The idea of our platform is to be able to survive a cloud vendor outage, so we're not going to be dependent on any cloud vendor. We’re going to have a Kubernetes cluster in each cloud vendor — so Azure, AWS, GCP – and run CockroachDB across the three.”

PwC: Assisting with data sovereignty

Today, data sovereignty remains a complex issue, with varying regulations across jurisdictions complicating cross-border data transfers. 

And, as these regulations evolve, financial institutions face the challenge of adapting their operations to remain compliant. 

PwC UK assists global firms in navigating these challenges, helping them become more personalised and customer-centric digital banks. Now that it is partnered with CockroachDB, it can support data domiciling in multi-region clusters and hybrid environments, offering firms the flexibility to comply with diverse data sovereignty regulations.

Addressing mainframe modernisation

The partnership also addresses the pressing need for mainframe modernisation. PwC UK mitigates the risks associated with modernisation by identifying optimal migration strategies and preparing rollout plans. 

Together with Cockroach Labs, the pair offer solutions that reduce operational expenditure and improve business agility, attracting a new generation of talent. 

Allen Terleto, Head of Global Partners and Ecosystem at Cockroach Labs, notes: “Legacy modernisation initiatives have regained momentum as cost optimisation and unlocking siloed on-premises data for Gen-AI readiness have been elevated to executive boardroom discussions.”

Now, Cockroach Labs and PwC UK offers a robust framework for financial institutions to modernise their platforms while managing regulatory risks effectively. 

**************

Make sure you check out the latest edition of FinTech Magazine and also sign up to our global conference series – FinTech LIVE 2024. 

**************

FinTech Magazine is a BizClik brand.