International Business Machines Corp. (NYSE: IBM) announced the design of the world’s first financial services prepared public cloud. Financial service institutions as well as their suppliers are welcome to join. Bank of America (NYSE: BAC) was announced the first collaborator to utilize the platform. Workloads and key applications will be hosted via the platform to fulfill requirements in regards to safety and privacy for its customers.
Financial institutions can deal with technology vendors as long as they meet the platform’s requirements. The financial services prepared public cloud may enable Independent Software Vendors, Software-as-a-Service providers to small Fintech companies to larger tech vendors to focus on core offerings to financial institutions with the help of the platform.
“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.”
The public cloud will run on IBM’s public cloud that utilizes Red Hat’s OpenShift as its primary Kubernetes setting to manage software.
“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, Global Industries, Clients, Platforms & Blockchain, 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.”
“We recognize that we must help create an environment where financial services institutions can address their regulatory requirements and expectations,” said Gene Ludwig, Promontory Founder and CEO. “Bank of America, IBM and Promontory are uniquely suited to help give the industry and vendors confidence in the quality of this cloud platform.”