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 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."