IBM to develop public cloud banking platform

In collaboration with Bank of America, the public cloud service will set a compliance framework for vendors and software providers

cloud, money, costs, hand, pound, budget

IBM is working with Bank of America to develop what it claims is the world's first financial services-ready public cloud.

Named "the financial services-ready public cloud", IBM said it could enable independent software vendors and Software as a Service (SaaS) providers to focus on deploying their core services to financial institutions with the controls for the platform already put in place.

The aim is to give financial institutions an opportunity to efficiently assess the security, resiliency and compliance of technology vendors, through the platform's security validation. Only independent software vendors or SaaS providers that demonstrate compliance with the platform's policies will be eligible to deliver services through it.

Financial services-ready public cloud is expected to run on the tech giant's public cloud and will be built with Red Hat's Open Shift. It will include more than 190 API driven, cloud-native platforms as a service where users will be able to create applications.

Related Resource

Embracing SaaS: a blueprint for IT success

Establish and lead a defined software-as-a-service strategy

Download now

The company said the project has been developed with the aid of financial services experts in IBM's networks, including some of the largest financial institutions in the world.

Advertisement
Advertisement - Article continues below
Advertisement - Article continues below

According to Bank of America's CTO Cathy Bessant, it's one of the most important collaborations in the financial services industry cloud space.

"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," said Bessant. "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."

Featured Resources

Transform the operator experience with enhanced automation & analytics

Bring networking into the digital era

Download now

Artificially intelligent data centres

How the C-Suite is embracing continuous change to drive value

Download now

Deliver secure automated multicloud for containers with Red Hat and Juniper

Learn how to get started with the multicloud enabler from Red Hat and Juniper

Download now

Get the best out of your workforce

7 steps to unleashing their true potential with robotic process automation

Download now
Advertisement

Recommended

Visit/network-internet/34596/bt-unveils-barrage-of-new-business-services
Network & Internet

BT unveils barrage of new business services

9 Oct 2019
Visit/network-internet/33885/zyxel-nebula-control-center-2019-review-takes-all-the-pain-out-of-networking
Network & Internet

Zyxel Nebula Control Center 2019 review

21 Jun 2019

Most Popular

Visit/security/vulnerability/354309/patch-issued-for-critical-windows-bug
vulnerability

Patch issued for critical Windows bug

11 Dec 2019
Visit/hardware/354193/buy-it-to-grow-not-slow-your-business
Sponsored

Buy IT to grow, not slow, your business

25 Nov 2019
Visit/cloud/microsoft-azure/354230/microsoft-not-amazon-is-going-to-win-the-cloud-wars
Microsoft Azure

Microsoft, not Amazon, is going to win the cloud wars

30 Nov 2019
Visit/security/antivirus/354328/microsoft-to-scrap-security-essentials-when-windows-7-reaches-end-of-life
antivirus

Microsoft to scrap Security Essentials when Windows 7 reaches end-of-life

13 Dec 2019