Four major banks have moved to outsource data through a of a shared IT platform in an effort to reduce costs.

The four banks, Barclays, Credit Suisse, Goldman Sachs and JP Morgan Chase, have joined to create a shared data repository which will house client and compliance data.

The plan to join together to create a shared platform, comes as financial institutions come under increasing pressure to meet a wide range of regulation demands, with a shared storage service allowing the banks to refocus on growing revenue.

The banks have signed a memorandum of understanding (MOU) with the Depository Trust & Clearing Corporation (DTCC), in preparation for the creation of the data storage platform.

Michael C. Bodson, DTCC president and CEO, said of the programme: “Our ultimate aim is to support the industry’s call for a comprehensive, centralised platform to effectively manage virtually all client reference data”.

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