Financial Tracking Technologies, LLC (FTT) decided to move some of its operations to the cloud so that it was ready when its customers are.
After evaluating offerings from several large cloud solution providers, FTT chose to move its corporate administrative functions to the security-rich SoftLayer® cloud platform because of IBM’s deep expertise in the financial services industry.
Delivers ability to rampadditional cloud functionality quickly and easily
Offers huge cost savingsover a traditional on-premises server environment
Provides competitive edgebecause FTT can reinvest capital into research and development (R&D) and better serving customers
Business challenge story
Preparing for customers to move to the cloudFTT uses its comprehensive compliance solution to process highly sensitive information for its customers in the financial services industry. For the most part, FTT’s customers are still defining their cloud strategies because of governance and data confidentiality concerns, but FTT decided to move some of its corporate operations to the cloud so that it is ready when its customers are. “We’ve recognized the trend, where, for a variety of reasons—one of them being cost reduction—more and more organizations are moving to the cloud,” says Tony Turner, principal at FTT. Thus began FTT’s search for a cloud solutions provider that the company could team with.
Choosing SoftLayer technology as a first step
After looking at offerings from other large players, FTT moved its corporate administrative functions to a SoftLayer® environment while keeping anything with sensitive information hosted on traditional servers on premises. “Ultimately, FTT chose IBM for the breadth and depth of its solutions—both cloud and other software packages,” states Turner.
Additionally, FTT required ongoing third-party verification of the degree of safety. According to Turner: “SoftLayer audit information was provided both initially and on an ongoing basis. Having those validations gives us a tremendous amount of comfort. We know where the servers are; that’s very important.”
Finally, FTT customers expect the company to have cutting-edge technology. “The other thing that was a tipping point was that with a partner like IBM, the economies of scale and scope and being able to tap in to vast resources at very affordable prices versus having to build them and maintain them on your own is very, very significant and will only get more so,” Turner adds.
Securing a long-term competitive edge
With its SoftLayer hosting infrastructure, FTT can ramp up additional cloud functionality quickly and easily. “It’s not months of planning and installing,” according to Turner. “That entire process is now just a phone call, and hours later it’s done. Being able to tap in to IBM’s vast resources at very affordable prices versus having to build them and maintain them on your own is very, very significant and will only get more so.”
Because of the tremendous cost savings over a traditional on-premises server environment, FTT has freed up capital. “We are now able to reinvest that money into R&D for new product development for sales and marketing efforts. It also allows us to get better at servicing customers because we can invest there. So, not only is the SoftLayer cloud solution freeing up dollars and cutting costs but also we can deploy that capital to maintain our competitive edge over the long term,” says Turner.
Turner concludes, “Whenever customers signal they are ready to move to the cloud—and we’re convinced that will just be a matter of time—we’ll be ready.”
About Financial Tracking Technologies, LLC
Founded in 1999, Financial Tracking Technologies (FTT) markets the only single stream compliance platform for the global investments industry. It serves the most clients in automated compliance solutions that enable regulatory protection and operating cost cutting. Clients include regulators, US government, broker-dealers, mutual funds, money managers, hedge funds, public and private companies. The company is located in Riverside, CT, USA