IBM has developed the world’s first financial services-ready public cloud with Bank of America (BoA) as its first collaborator. Under the arrangement, the bank will host key applications and workloads to support the requirements and privacy and safety expectations of its 66 million banking customers.The cloud has been designed to help address the requirements of financial services institutions for regulatory compliance, security and resiliency. It will help financial institutions transact with technology vendors who have met the platform’s requirements.
As the only industry-specific public cloud platform, it can provide preventative and compensatory controls for financial services regulatory workloads, multi-architecture support and proactive and automated security, leveraging the industry’s highest levels of encryption certification.
The financial services-ready public cloud can potentially enable Independent Software Vendors (ISVs) and Software-as-a-Service (SaaS) providers – from the smallest fintechs to more established vendors – to focus on their core offerings to financial institutions with the controls for the platform put in place.
Cathy Bessant, Chief Operations and Technology Officer of BoA dubbed this one of the most important collaborations in the financial services industry cloud space.
“This industry-first platform will allow BoA to use the public cloud, putting data security, resiliency, privacy and customer information safety needs at the forefront of decision making. By setting a standard that addresses the concern of hosting highly-confidential information, we aim to drive the public cloud to a safety level that is unmatched,” she added.
To help promote a regulatory compliant environment, IBM and BoA are working with IBM business unit Promontory and a global leader in financial services regulatory compliance consulting.
“Together, we plan to help our customer address their ongoing compliance requirements, coupled with highly scalable, standardised capabilities that will be built to help serve today’s modern financial services industry,” said Bridget van Kralingen, Senior Vice President, Global Industries, Clients, Platforms & Blockchain of IBM.