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Top banks are collaborating on open source standards for cloud compliance.  

In the wake of regulatory pressure, big banks are teaming up to design cybersecurity, resiliency, and compliance controls that will apply across major cloud providers.  

Efforts are underway to create more consistency in the cloud.  

The Fintech Open Source Foundation (FINOS) just announced a new project to create standards for cloud companies that want to work with big FinServs. The aim is to make it easier for firms to work across multiple cloud providers: Collaboration leads to consistency and helps ensure compliance.  

Citi initiated the project, and more than 20 other FINOS members have joined the efforts, including Goldman Sachs, Morgan Stanley, RBC, and BMO, and Google Cloud, GitHub, and Red Hat.  

The efforts follow recent reports from the U.S. Department of the Treasury, the UK HMT, the European Council, and the Monetary Authority of Singapore, which raised flags about the systemic risk of cloud computing in the banking industry. 

The project has the potential to be “one of the most valuable and transformational initiatives in our open source community and across the industry,” according to FINOS exec Gabriele Columbro