Pure Storage, Inc. (NYSE: PSTG) witnessed a notable surge in its stock value during the post-market trading session on Tuesday. After-hours trading saw a robust 5.46% increase, bringing the Pure Storage stock to $36.72. In contrast, the regular trading session experienced a 2.36% decline, settling the stock at $34.82.
The company’s impending S&P listing is the reason for this spike. In the S&P MidCap 400, Pure Storage (PSTG) will take Patterson Companies’ spot. The official move is slated to take effect before the market opens on Friday, January 5.
Additionally, Pure Storage announced a partnership with Toss Bank, which is utilizing PSTG’s all-flash storage infrastructure to provide stable digital financial services to its growing clientele. Toss Bank, recognized as the fastest-growing internet-only bank, boasting over 8 million customers within a mere two years, and securing the top position in South Korea on Forbes’ The World’s Best Banks 2023 list, is revolutionizing the traditional banking sector.
The bank is dedicated to providing consumers with a suite of secure and reliable digital-only financial services, placing customer data at the core of its strategies to enhance efficiency, customer experience, and risk management. Despite handling a substantial load of over 9,000 transactions per second in its database, Toss Bank identified performance issues with its existing storage system.
This hindered its ability to provide optimized financial services to customers, prompting the decision to adopt Pure Storage’s all-flash storage platform, including the FlashArray portfolio. By integrating Pure Storage’s solution, Toss Bank has achieved the performance, reliability, and scalability necessary for delivering a contemporary digital financial experience.
Leveraging the FlashArray product line, Toss Bank can consistently process 9,000 transactions per second on its database management system. This strategic move allows the bank to scale storage volumes independently of servers, enhance overall storage conditions with improved write performance and reliability, reduce costs, and facilitate non-disruptive upgrades.
Notably, Pure Storage’s FlashArray incorporates cutting-edge data reduction technology, minimizing Toss Bank’s storage requirements by an impressive 83% with a remarkable 6:1 data reduction ratio. The cost-effectiveness of Pure’s data reduction technology stands out, proving to be 2.5 times more efficient than comparable products in terms of effective capacity.
Furthermore, utilizing FlashArray’s built-in snapshot feature, Toss Bank achieved a remarkable 99% reduction in replication time, bringing it down from 4 hours to less than a minute.
