The Bank of America and IBM partnership will help in creating a cloud-based solution with compliance controls framework specifically for the financial services industry
IBM has collaborated with Bank of America to advance its cloud solutions with the introduction of IBM’s Cloud Policy Framework for Financial Services.
Developed specifically for the financial services industry, the new offering establishes a new generation of cloud for enterprises with common operational criteria and streamlined compliance controls framework.
The IBM Cloud Policy Framework for Financial Services aims to deliver IBM public cloud controls needed to operate securely with bank-sensitive data in the public cloud.
Bank of America global banking & markets, enterprise risk & finance technology and core technology infrastructure executive David Reilly said: “We have had great success with our proprietary, private cloud, that currently houses the majority of our technology workloads. At the same time, we have been looking to identify a financial services-ready solution that offers the same level of security and economics as our private cloud with enhanced scalability.
“That’s why we’re partnering with IBM to create an industry-first, third party cloud that puts data resiliency, privacy and customer information safety needs at the forefront of decision making.”
The IT giant has also formed the Financial Services Cloud Advisory Council for advise on the advancement of IBM Cloud Policy Framework for Financial Services. The council aims to bring major financial institutions together to help drive the evolution of cloud security into the highly regulated sector.
BNP Paribas will join IBM Cloud for Financial Services as anchor client in Europe
BNP Paribas has agreed to join the IBM Cloud for Financial Services as an anchor client in Europe. The bank will use a dedicated cloud that will leverage IBM’s public cloud technologies including Keep Your Own Key (KYOK) encryption capabilities.
BNP Paribas is expected to plan to onboard additional banking partners to the ecosystem across Europe in the future.
BNP Paribas chief information officer Bernard Gavgani said: “As we continue to expand our collaboration with IBM, we’re driving innovation in the financial services industry and are able to partner with a growing ecosystem of technology providers, from small startups to leaders in the industry. That’s an important step forward for BNP Paribas Group to accelerate its transformation journey and be compliant with European regulations.
“IBM Cloud for Financial Services helps us to further our transformation journey to the cloud and migrate mission critical workloads with confidence knowing that we can meet the regulatory standards established for the industry.”
To continue its ongoing transformational journey with IBM, MUFG Bank is also planning to explore the deployment of IBM Cloud for Financial Services in Japan.
Built on IBM public cloud, IBM Cloud for Financial Services is delivered through IBM Hyper Protect Services and it features ‘Keep Your Own Key’ encryption capabilities.