New Cloud Platform for Financial Services Companies

Nov 07, 2019

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."

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Phil Hall

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Nov 07, 2019

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