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Since joining Form3 in 2022 to spearhead its expansion into the United States, David has played a key role in extending the company’s reach and helping financial institutions modernize their payments infrastructure through cloud-native technology.",[],"ltr",{"type":420,"text":425,"spans":426,"direction":423},"With more than 25 years of experience across transaction banking, payments, and financial market infrastructure, David has built and led businesses at the forefront of industry transformation. 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Earlier in his career, he held senior product and strategy roles at Deutsche Bank and The Bank of New York.",[],{"type":420,"text":434,"spans":435,"direction":423},"David holds an MSc in Development Economics from the School of Oriental and African Studies, University of London, and a BSFS in International Relations from Georgetown University.",[],{"link_type":437,"key":438,"url":439,"target":440},"Web","fd8c03c1-a5b5-46d7-9596-aa8965feacaa","https:\u002F\u002Fwww.linkedin.com\u002Fin\u002Fdavidscola\u002F","_blank",[442,463,477],{"variation":443,"version":444,"items":445,"primary":446,"id":461,"slice_type":462,"slice_label":13},"default","initial",[],{"body":447},[448,452,455,458],{"type":449,"text":450,"spans":451,"direction":423},"heading3","Shifting to the cloud",[],{"type":420,"text":453,"spans":454,"direction":423},"While many financial institutions operate their payment gateways on premises, there are definite advantages to using cloud-based technology here. With the increasing number of transactions being made, the scalability of cloud services means that the system can deal with any peaks and troughs. ",[],{"type":420,"text":456,"spans":457,"direction":423},"However, much of the debate around cloud migration for banks was whether it was best to take a public or private approach. The former gives the bank complete ownership of their cloud but comes with a great deal of expense, while the latter offers virtually infinite scale but means the bank is at the mercy of the cloud provider to some degree.",[],{"type":420,"text":459,"spans":460,"direction":423},"My view is that while this debate is valid, it misses the point somewhat. The achilles heel of a single cloud approach—whether the bank owns that cloud or not—is that there’s a single point of failure. ",[],"rich_text$dbc84f17-bb94-4b88-af10-aa114fb3e927","rich_text",{"variation":443,"version":444,"items":464,"primary":465,"id":476,"slice_type":462,"slice_label":13},[],{"body":466},[467,470,473],{"type":449,"text":468,"spans":469,"direction":423},"Multi-cloud offers ultimate resiliency",[],{"type":420,"text":471,"spans":472,"direction":423},"For payments, the best way forward is the multi-cloud approach. Rather than migrating to the cloud and choosing between Amazon, Google or Microsoft, you choose all three. This means if one of these three has an outage, then you can redirect activity and data to another one. It’s basically the ultimate resiliency play. Don’t rely on a single provider, spread the risk across multiple providers instead.",[],{"type":420,"text":474,"spans":475,"direction":423},"Multi-cloud will pay dividends in a number of ways. The growing demand for real-time settlement and the increased volume of payments being made require robust, flexible infrastructure; the kind that a multi-cloud approach can provide. Due to the interconnected nature of the global economy, the volume of international payments has picked up a lot in recent years. These cross-border payments are happening not just for large trade items, but also for smaller exchanges of services. Using multiple clouds is a solid basis for providing the support required for the increased number of cross-border payments being made.",[],"rich_text$310f2d9b-467c-4f63-891d-37aadb798808",{"variation":443,"version":444,"items":478,"primary":479,"id":490,"slice_type":462,"slice_label":13},[],{"body":480},[481,484,487],{"type":449,"text":482,"spans":483,"direction":423},"Payment gateways belong in the cloud",[],{"type":420,"text":485,"spans":486,"direction":423},"Operating a payment gateway on premises is very expensive. 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