Willie Stegmann, director of core banking transformation programme at Standard Bank, said SAP will assist during the next six months in completing the process of cloud transition.
Regulators will be consulted with regards to security and other banking compliances.
The cloud-based move was motivated by the promise of more cost effectivity with regards to IT, as well as better accessibility the internet provides.
“It’s early days from a regulatory point of view … although our regulations are generally quite sophisticated and regulators also need to understand how the cloud works and make necessary changes," Stegmann said, Technology Banker reported.
According to the director, Standard bank plans to move all their services to cloud, following the anticipated success of the HR system.
HumanIPO reported earlier this month on Standard Bank’s decision to terminate Wireless Applications Protocol (WAP) mobile banking.
Robert Grimes, official at the SAP Financial Services Network, said: “With eBay and PayPal (online payment services) there are commercial markets out there that are in the cloud and if banks want to be able to compete, they need to find ways to make it work within the cloud.”
Cloud is considered as a new platform for testing out systems before offering it as core banking services to clients.