Oracle data centre offers its back end to banking upstart

Oracle is becoming a British banking back end, with its data centres about to start holding the money and details of some of the UK’s wealthiest citizens. Hampden & Co, due to launch in the first quarter of 2015, has picked Oracle’s Flexcube as its core banking platform, the database giant said Tuesday. Unlike other Flexcube …

[Francis Fish]

Do Hampden's clients know that State Dept snoops can now get their data?

At leas, that's my understanding of current US law. Regardless of the data centre being in the UK. IANAL, and I could be wrong, of course.

[Anonymous Coward]

Re: Do Hampden's clients know that State Dept snoops can now get their data?

I can't see as that matters what with the NSA, and the rest of the 5-Eyes, having total access to SWIFT.

[SJG]

Re: Do Hampden's clients know that State Dept snoops can now get their data?

Try reading this (http://www.theregister.co.uk/2014/01/31/eu_us_data_transfer_to_be_suspended_if_united_states_does_not_fix_probs/)

EU law does not allow the export of EU citizen data to the US. A US jurisdiction may issue a subpeona against a US company to provide data that may be residing in the EU (e.g. see what is happening in Ireland with Microsoft at the moment) but that subpeona (or any other US legal instrument) does not give any legal basis to that data being provided to any US body - i.e. a US subpeona does not give the legal right to a US company to break EU (or any member state) law. The company holding the data would be breaking EU or local country law if the US company were to comply with the subpeona. Technically the company may be in breach of US law by not complying, but that's their problem.

Of course, what actually happens is that the US body (aka NSA) simply takes the data anyway without any legal basis (often with the aid of GCHQ of course). In this situation, the fact of who is the ultimate owner of a company or in which country the company is registered is totally irrelevant.

In other words if you think your data is safe from the prying eyes of multiple governments in any company or country these days, think again.

[Roo]

Mortgaging your bollocks.

I struggle to see how handing your gonads over to Larry Ellison is a sound business decision. Were the non-exec directors sleeping off a huge lunch at the time that decision was taken - or had they already had their gonads removed ?

[Anonymous Coward]

I hope they publish which banks use this back end, so I know who to avoid.