IBM creates public cloud for financial services providers

IBM has, for the first time, created a public cloud specifically for a single target group. It is a public cloud for financial service providers and their suppliers. This cloud was built in collaboration with Bank of America on top of Big Blue’s own public cloud.

The new platform is specifically designed for financial services, so that organisations in this sector can securely transact with tech companies that meet the requirements of the platform. Among other things, the platform runs important applications and workloads so that the financial institutions can work with them.

The platform also provides control and support for multi-architectures and proactive and automated security. It uses the highest levels of encryption certification in the industry.

All this gives financial organizations an opportunity to more efficiently determine the security, resilience and compliance of their tech vendors. Software vendors that participate in the platform, therefore, receive a security validation. Providers must demonstrate that they comply with the platform’s policy if they want to offer products via the platform.

How does it work?

So, the cloud runs on IBM’s own public cloud, which uses Red Hat OpenShift as its primary Kubernetes environment to manage containerized software in the enterprise. It also includes 190 API-driven, cloud-native PaaS services to create new and improved cloud-native apps.

The project drew on Big Blue’s experience in the tech industry and financial services through its relationships with 47 of the Fortune 50 companies and the 10 largest financial organizations worldwide.

Collaborations

Despite all this experience, IBM could not handle the project alone. The company worked closely with various partners on the project. In order to develop the control requirements for the platform, the company collaborated with Bank of America. This bank is also the first party to use the platform.

IBM also collaborated with Promontory. Promontory is a consulting department of Big Blue, which provides compliance support for financial services rules. Promontory helped to set up an environment that complies with all the rules for this project.