IBM develops financial services-ready public cloud

A new platform is being unveiled that is aimed at banks and their suppliers. The goal is to help them adhere to strict industry regulatory compliance, security and resiliency requirements.

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IBM has designed what it is billing as “the world’s first financial services-ready public cloud” geared at financial services institutions and their suppliers. Bank of America is an early adopter and will use the platform, which is built on IBM’s public cloud to host key applications and workloads to support the privacy and safety expectations of its 66 million banking customers.

The financial services-ready 
public cloud
 has been designed to help financial services institutions adhere to strict industry regulatory compliance, security and resiliency requirements. The platform will enable financial institutions to transact with technology vendors that have met the platform’s requirements.

The industry-specific public cloud platform provides preventative and compensatory controls for financial services regulatory workloads, multi-architecture support and proactive and automated security, IBM said in a press release, and it utilizes the industry’s highest levels of encryption certification.

SEE: Special report: The art of the hybrid cloud (free PDF) (TechRepublic)  

The financial services-ready public cloud can potentially enable independent software vendors (ISVs) and software-as-a-service (SaaS) providers of all sizes to focus on their core offerings to financial institutions with the platform’s controls 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 at Bank of America,…