ARMONK, N.Y., Nov 6., 2019 /PRNewswire/ -- IBM (NYSE: IBM)
today announced that it has designed the world's first financial
services-ready public cloud. IBM will welcome financial services
institutions, and their suppliers, to join the financial
services-ready public cloud. Bank of America will be a committed
collaborator to use the platform built on IBM's public cloud. The
Bank will host key applications and workloads to support the
requirements and privacy and safety expectations of its 66 million
banking customers.
The financial services-ready public cloud has been designed to
help address the requirements of financial services institutions
for regulatory compliance, security and resiliency. This will help
financial institutions transact with technology vendors who have
met the platform's requirements. 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," said Cathy Bessant, chief operations and technology
officer, 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 a safety level that is unmatched."
The collaboration with IBM marks the next step in Bank of
America's seven-year cloud journey and reflects the Bank's
unwavering commitment to the security and privacy of banking
customers while also creating an opportunity to address the unique
regulatory and compliance requirements of the financial services
industry.
The financial services-ready public cloud is expected to run on
IBM's public cloud, which uses Red
Hat® OpenShift® as its primary
Kubernetes environment to manage containerized software across the
enterprise, and includes more than 190 API driven, cloud native
PaaS services to create new and enhanced cloud-native apps.
The project draws upon technology and financial services
industry experience earned through IBM's relationships with 47 of
the Fortune 50 companies and the 10 largest financial institutions
in the world. Additionally, to help promote a regulatory compliant
environment, IBM and Bank of America are working with Promontory,
an IBM business unit and a global leader in financial services
regulatory compliance consulting.
"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," said
Bridget van Kralingen, Senior Vice
President, Global Industries, Clients, Platforms & Blockchain,
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."
"We recognize that we must help create an environment where
financial services institutions can address their regulatory
requirements and expectations," said Gene
Ludwig, Promontory Founder and CEO. "Bank of America, IBM
and Promontory are uniquely suited to help give the industry and
vendors confidence in the quality of this cloud
platform."
The financial services-ready public cloud will help give
financial institutions an opportunity to more efficiently assess
the security, resiliency and compliance of their technology
vendors. Participating financial services software providers may
benefit from the platform's security validation. Only ISV or SaaS
providers that demonstrate they comply with the platform's policies
will be eligible to deliver offerings through the platform.
For more information, visit www.ibm.com/cloud/public
IBM® and Promontory™ are trademarks or
registered trademarks of International Business Machines
Corporation in the United States,
other countries, or both.
Red Hat® and OpenShift® are trademarks or registered
trademarks of Red Hat, Inc. or its subsidiaries in the United States and other
countries.
Contact:
Faye Abloeser
IBM Media Relations
abloeser@us.ibm.com
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SOURCE IBM