IBM makes the world's first financial services ready public cloud

IBM has announced that it has designed the world’s first financial services-ready public cloud, made exclusively for the financial services institutions. Bank of America is the major collaborator who will be using the platform built on IBM’s public cloud.

To complete the project IBM drew its experience from having engaged with Fortune 50 companies and the largest financial institutions of the world. The public cloud will be able to host key applications for financial institutions to help them preserve the modern-day requirements of privacy and safety.

The financial services focused public cloud will probably run on IBM’s first public cloud which uses Red Hat OpenShift as Kubernetes environment.

While the company is inviting financial services institutions to collaborate and use the platform, the first major collaborator is Bank of America. IBM and Bank of America are working with Promontory to help promote the regulatory compliant environment.

Cathy Bessant, chief operations and technology officer, Bank of America said, “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.”