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IBM Developing World's First Financial Services-Ready Public Cloud; Bank of America Joins as First Collaborator

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.
IBM Developing World's First Financial Services-Ready Public Cloud; Bank of America Joins as First Collaborator
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 a?? from the smallest FinTechs to more established vendors a?? 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."
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