With the general availability of IBM Cloud for Financial Services, the financial services industry, including technology partners, can now build applications with Red Hat OpenShift, migrate virtual machine workloads, and establish compliance profiles across their workloads– to help support their continuous compliance needs. Financial services institutions can now accelerate their cloud journeys with IBM Cloud for Financial Services’ built-in security and compliance controls for both cloud-native and VMware workloads. Secured Platform Designed for Open Innovation “We’re excited to continue our partnership with IBM to help enable financial institutions and their ecosystem partners to confidently host apps and workloads on the IBM Cloud for Financial Services using VMware infrastructure,” said Fidelma Russo, SVP and GM, Cloud Services News Unit, VMware. “We find the platform helps demonstrate security and readiness for regulatory compliance more efficiently, can bring significant value to the financial services supply chain.”
“Together with some of the world’s largest banks and leaders in regulatory compliance we are driving a change in cloud adoption for highly regulated industries, aiming to improve the security and compliance posture for the industry,” said Howard Boville, Head of IBM Hybrid Cloud Platform. “With a focus on data security delivered with IBM’s confidential computing and sophisticated encryption capabilities, we aim to reduce risk in the supply chain for banks, insurers and other financial services industry players, and at the same time accelerating the time by which they can drive and consume innovation.” In addition to Bank of America, IBM is working with several global financial institutions such as BNP Paribas, Luminor Bank, MUFG and more. The IBM Cloud for Financial Services is supported by an ecosystem of more than 90 collaboration partners including new additions EY and Tata Consultancy Services, Independent Software Vendors (ISVs) and Software as a Service (SaaS) providers. As part of today’s announcement, SAP has joined the IBM Cloud for Financial Services ecosystem, giving clients a diverse set of applications to deploy via the platform.
Story continues ARMONK, N.Y., April 7, 2021 /PRNewswire/ — IBM (NYSE: IBM) today announced that the general availability of the industry’s first financial services-ready cloud platform, IBM Cloud for Financial Services, now including the support for Red Hat OpenShift and other cloud-native services. First revealed in 2019, the IBM Cloud for Financial Services was designed in collaboration with Bank of America. Since then, IBM has built a cloud environment capable of supporting the needs of the financial services industry for their mission-critical workload and data protection, with our compliance capabilities and industry-leading security1. The IBM Cloud for Financial Services is designed to help to reduce risk for financial institutions, their partners and FinTechs, and innovate quickly with built-in controls that are adhered to by the entire ecosystem.
To ease cloud adoption for financial services clients IBM developed IBM Cloud for Financial Services to help address the security and regulatory requirements of the heavily regulated industry. Central to the platform is the IBM Cloud Framework for Financial Services which delivers an industry-informed set of security and compliance controls to operate securely with bank-sensitive data in the public cloud. This was developed with Bank of America and Promontory, a global leader in financial services regulatory compliance consulting, and will continue to be maintained by IBM’s Financial Services Cloud Council, led by Howard Boville, Head of IBM Hybrid Cloud Platform. SAP Joins IBM Cloud for Financial Services Ecosystem To protect data across cloud-native and VMware workloads, IBM Cloud for Financial Services uses IBM’s fourth-generation confidential computing capabilities and ‘Keep Your Own Key’ encryption delivered via IBM Hyper Protect Services and backed by the highest level of security certification commercially available1. This gives enterprises technology-backed control of their own encryption keys so clients are the only ones who can control access to their data. This same hardware-based assurance enables confidential computing, meaning that financial institutions can process critical data in a secured enclave within a shared cloud environment.
Safeguard Data with Confidential Computing IBM Cloud for Financial Services is built on IBM Cloud, the industry’s most secure and open cloud for business, which uses Red Hat OpenShift as its primary Kubernetes environment to manage containerized software across the enterprise, and includes more than 200 API driven, cloud native PaaS services to create new and enhanced cloud-native apps. Developer and ecosystem partners can build and modernize in a secured environment to drive innovation for today’s modern customer.
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