Home Banking & Finance IBM debuts cloud computing platform for financial services industry

IBM debuts cloud computing platform for financial services industry

IBM has announced the launch of a public cloud computing platform designed specifically for the financial services industry.

ibm bank of americaAccording to the Armonk-headquartered company, the new public cloud addresses the regulatory compliance and security concerns of the financial services industry, allowing companies within this sector to transact with technology vendors who have met the platform’s requirements.

IBM collaborated with Bank of America on creating this platform, and the Charlotte, North Carolina-based financial institution will host key applications and workloads on the new cloud to meet the needs of its 66 million banking customers.

“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 of global industries, clients, platforms and 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.”

“This is one of the most important collaborations in the financial services industry cloud space,” said 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 a safety level that is unmatched.”

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