IBM and Bank of America collaborate on “financial services-ready” cloud

IBM announced that it has designed the world’s first financial services-ready public cloud for financial services institutions and their suppliers.

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, which 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 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.

It’s 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 (platform as a service) services to create new and enhanced cloud-native apps.

Read the full release

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