Goldman Sachs announced Tuesday it is partnering with Amazon Web Services (AWS) on a cloud-based solution that helps financial services firms gain insight into data analytics for informed investment decisions.

The new Goldman Sachs Financial Cloud for Data with AWS — announced at the AWS re:Invent 2021 conference — is a suite of cloud-based data and analytics solutions for financial institutions, hedge funds and asset managers. The service integrates with other Goldman Sachs’ analytics tools, including PlotTool Pro, a time series analytics tool, and GS Quant, a Python toolkit for quantitative finance. It also supports integration of a client’s proprietary data alongside Goldman Sachs’ curated financial markets data.

“Data is the lifeblood of the financial services industry, but usually … the data is siloed, hard to access and use, and the industry is heavily regulated, so the compliance at each step is a must,” AWS CEO Adam Selipsky said.

AWS has worked with $1.39 trillion Goldman Sachs for more than a decade as the bank has introduced new experiences like its digital banking venture, Marcus.

“Recently, we realized together that there was a really big opportunity to help other financial services companies also leap forward with data management and analytics,” Selipsky said.

The solution will “reduce the need for investment firms to develop and maintain foundational data-integration technology and lower the barriers to entry for accessing advanced quantitative analytics across global markets,” Goldman Sachs said in the announcement.

Users will also be able to leverage third-party data products through the solution’s integration with AWS Data Exchange. That data will then be available in Goldman’s Sach’s time-series database and analytics engine, which is “capable of storing and integrating tick-level financial data across different assets in real-time,” Goldman Sachs said.

This will allow developers the ability to analyze a range of financial datasets at scale. Components of GS Financial Cloud for Data are also compatible with Amazon FinSpace, an AWS service that allows developers to combine and analyze data from multiple sources, including position data from data warehouses or data lakes.

Selipsky also introduced a new tool, Mainframe Migration, which he said can convert the older mainframe programming language COBOL to Java, a more modern object-oriented programming language. This could have ramifications for financial institutions, which often run core and other systems on mainframe computers. The tool is currently in preview.

“We’ve seen customers reduce their cost by up to 70% or more after migrating,” Selipsky said at the conference.

The $425.4 billion Capital One, $3.7 trillion JPMorgan Chase, Robinhood, Stripe, $1.8 billion Barclays and Nasdaq are financial services companies that “are innovating and reinventing new customer experiences on AWS,” Selipsky added.