Skip to main content

New Cloud Platform for Financial Services Companies

Phil Hall
Nov 07, 2019
Photo credit: Getty Images/Jirsak

The financial services industry can now take advantage of the first public cloud courtesy of a collaboration between Bank of America and IBM.
 
According to the companies, the new cloud computing platform was designed to accommodate the specific regulatory compliance and cybersecurity needs of the industry, and it is designed to accommodate industry-focused vendors who meet the platform’s requirements. Bank of America stated it would use the platform host key applications and workloads related to its 66 million banking customers.
 
"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. "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."
 
Bridget van Kralingen, Senior Vice President, Global Industries, Clients, Platforms and Blockchain for IBM, said: "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. 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."

 
More from
Tech
MAXEX Secures Strategic Investment Thanks To J.P. Morgan

MAXEX announced a secured strategic investment from J.P. Morgan and existing investors.

Tech
Jun 22, 2021
Planet Home Lending's Aneeza Haleem To Appear On The Mortgage Leadership Outlook

Aneeza Haleem, vice president of technology for Planet Home Lending, LLC, will be the next guest on NMPTV's special Tech Stack Heroes edition of the Mortgage Leadership Outlook.

Tech
Jun 22, 2021
Lodasoft Integrates With Black Knight's Optimal Blue PPE

Lodasoft announced its integration with Black Knight’s Optimal Blue PPE to revolutionize loan origination and task automation.

Tech
Jun 21, 2021
FinTech Student Program Provided By UWindsor & Rocket Innovation Studios

University of Windsor partners with Rocket Innovation Studios to foster a pipeline of highly trained professionals who will help advance finance technology.

Tech
Jun 21, 2021
Fraud Detection Transitions To Digital Lending

Mortgage lenders faced $20 billion in mortgage lending fraud exposure last year, according to research from Point Predictive.

Tech
Jun 16, 2021
Radian Expands Integration With Mortgage Cadence

Radian Group Inc. expanded its integration with Mortgage Cadence to include Radian's title and settlement services with the Mortgage Cadence Platform.

Tech
Jun 16, 2021