SECCAS LLC is opening a secondary data operations center in Scranton, Pa., a decision that the provider of hosted compliance solutions for financial-services companies said was made after reviewing multiple locations in New York, New Jersey and Maryland.
SECCAS, whose customers include banks, broker-dealers, registered investment advisers, hedge funds and other financial firms, said the Scranton facility will provide full redundancy for its New York City operations and also serve as the primary location for the firm’s litigation-readiness business.
“Northeastern Pennsylvania is an ideal location for disaster-recovery facilities,” said Daniel Summa, president of SECCAS. Summa noted that the region is served by a different power operator and watershed than the New York region, making it a safe, reliable location for a backup facility that can also provide real-time data replication.
“Northeastern Pennsylvania provides the added benefit of a well-educated, motivated and experienced workforce, as well as lower operating costs, especially when compared to New York City,” Summa added. “And unlike what we saw in other parts of the country, Wall Street West was able to bring together the state and local municipalities as well as private entities to work together with a single voice. That combination of factors makes northeastern Pennsylvania and Wall Street West ideal partners to support our business growth.”
Wall Street West is a partnership of more than two dozen local, regional and statewide economic development agencies, technology investment groups, workforce development organizations, educational and research institutions and experts from the private sector.
The Wall Street West partners seek to bolster New York City’s stature as the country’s preeminent financial center by providing disaster recovery and back-up locales for that city’s financial-services firms. The partnership is supported by a $15 million Workforce Innovation in Regional Economic Development (WIRED) grant from the U.S. Department of Labor.