IBM has announced general availability of its IBM Cloud for Financial Services, built in collaboration with Bank of America to help accelerate cloud adoption for financial services clients and reduce risk for financial institutions, their partners and financial technology (fintech) providers, according to a statement from the company.The financial services-ready cloud platform includes support for Red Hat OpenShift and other cloud-native services, IBM said. The financial services industry and technology partners can build applications with Red Hat OpenShift, migrate virtual machine workloads and enable compliance across workloads, according to the statement.
IBM Launches Cloud for Financial Services
IBM developed IBM Cloud for Financial Services to help address the security and regulatory requirements of the heavily regulated financial services industry, according to the statement. The platform is built on the IBM Cloud Framework for Financial Services, which the company said delivers an industry-informed set of security and compliance controls to operate securely with bank-sensitive data in the public cloud. The platform was developed in collaboration with Bank of America and Promontory, a global leader in financial services regulatory compliance consulting, and will continue to be maintained by IBM's Financial Services Cloud Council, led by Howard Boville, Head of IBM Hybrid Cloud Platform, according to the statement.
IBM also is working with several global financial institutions such as BNP Paribas, Luminor Bank, MUFG and more, according to the statement. In addition, the IBM Cloud for Financial Services platform is supported by more than 90 ecosystem collaboration partners including SAP, EY and Tata Consultancy Services, independent software vendors (ISVs) and software-as-a-Service (SaaS) providers.
IBM Cloud for Financial Services: Executive Commentary
Howard Boville, head of IBM Hybrid Cloud PlatformHoward Boville, Head of IBM Hybrid Cloud Platform, commented on the news:
”Together with some of the world's largest banks and leaders in regulatory compliance we are driving a change in cloud adoption for highly regulated industries, aiming to improve the security and compliance posture for the industry. With a focus on data security delivered with IBM's confidential computing and sophisticated encryption capabilities, we aim to reduce risk in the supply chain for banks, insurers and other financial services industry players, and at the same time accelerating the time by which they can drive and consume innovation."
Sharon is a master technology storyteller and editor with omnichannel experience: books and print magazines, digital, webcast, blogging, podcast, live events and video and associated brand-specific social media content. From 1999 to 2003, she acquired and edited technology books and certification exam prep guides.
After a year spent in publicity and editorial at mass-market book publishers, she returned to tech publishing and, since 2004, explored B2C and B2B news, issues and trends in consumer, lifestyle, software, software development, AI, ML, networks, big data, hardware, security, storage, cloud, equity, inclusion, diversity, women in tech, career development, IT management, H-1B visa issues and immigration, education, training and learning.
Her previous role was as the managing editor at Techstrong Group in charge of Cloud Native Now, DevOps.com, Security Boulevard and Techstrong ITSM and their brand-specific social media. She currently serves as editorial director for CyberRisk Alliance’s channel brands, ChannelE2E and MSSP Alert and acting editorial director for SC Media UK. Drop me a note and let’s talk!
