This week, global tech company, IBM announced that it has designed the world’s first financial services-ready public cloud. The public cloud has been designed to help address the requirements of financial services institutions for regulatory compliance, security and resiliency.
It is the only industry-specific public cloud platform that 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.
To help develop the control requirements for the platform, IBM has collaborated intensively with Bank of America. 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.
“This is one of the most important collaborations in the financial services industry cloud space,” says Cathy Bessant, chief operations and technology officer at Bank of America. “This industry-first platform will allow Bank of America 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 an unmatched safety level.”
The cloud is expected to run on IBM’s public cloud, which uses Red Hat OpenShift as its primary Kubernetes environment to manage containerised software across the enterprise, and includes more than 190 API driven, cloud-native PaaS services to create new and enhanced cloud-native apps.
“The financial services-ready public cloud represents an ongoing focus from Bank of America, IBM and Promontory to help develop a technology ecosystem where regulations can be addressed,” says Bridget van Kralingen, Senior VP of Global Industries, Clients, Platforms & Blockchain at IBM. “Together we plan to help our customer address their ongoing compliance requirements, coupled with highly scalable, standardized capabilities that will be built to help serve today’s modern financial services industry.”
Edited by Jenna Cook
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