Can you guess who is developing the world’s first financial services-ready public cloud?

By Amber Donovan-Stevens
IBM is developing the world's first financial services-ready public cloud and Bank of America has already joined the collaboration The world’s first...

IBM is developing the world's first financial services-ready public cloud and Bank of America has already joined the collaboration 

The world’s first financial services-ready cloud has been created to meet the needs of financial services institutions for regulatory compliance, security and resiliency.The cloud is designed to host banks and their suppliers, easing transactions between banks and technology companies. This is the first industry-specific public cloud of its kind. 

The Bank of America has been called to the project to help with the development of the program. 

Cathy Bessant, chief operations and technology officer, Bank of America, said: "This is 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. 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."
 

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"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," said Bridget van Kralingen, Senior Vice President, Global Industries, Clients, Platforms & Blockchain, IBM. "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."

"We recognize that we must help create an environment where financial services institutions can address their regulatory requirements and expectations," said Gene Ludwig, Promontory Founder and CEO. "Bank of America, IBM and Promontory are uniquely suited to help give the industry and vendors confidence in the quality of this cloud platform." 

For more information on all topics for FinTech, please take a look at the latest edition of FinTech magazine.

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