IBM announced that several global banks including BNP Paribas, one of Europe’s largest banks, will join a “growing ecosystem of financial institutions” and more than 30 new technology providers adopting IBM Cloud for Financial Services. Committing investment in security and adding new capabilities, IBM also announced the launch of IBM Research Cloud Innovation Lab.
The tech giant announced enhancing collaboration with Bank of America to advance IBM Cloud for Financial Services. The IBM Cloud Policy Framework for Financial Services establishes a new generation of Cloud for enterprises with common operational criteria and streamlined compliance controls framework, allowing IBM’s growing financial services ecosystem to transact with confidence.
“We have had great success with our proprietary, private cloud, that currently houses the majority of our technology workloads,” said David Reilly, Bank of America’s Technology Infrastructure executive.
“We have been looking to identify a financial services-ready solution that offers the same level of security and economics as our private cloud with enhanced scalability. That’s why we’re partnering with IBM to create an industry-first, third party cloud that puts data resiliency, privacy and customer information safety needs at the forefront of decision making.”
Read: The Most Innovative Companies of 2020
Cloud growth
IBM announced BNP Paribas would be the latest addition to join what IBM calls “a growing ecosystem” of financial institutions and more than 30 new technology providers adopting IBM Cloud for Financial Services.
BNP Paribas will utilize a dedicated cloud, developed and managed by IBM, that will leverage IBM public cloud technologies, including Keep Your Own Key (KYOK) encryption capabilities.
BNP Paribas could onboard additional banking partners to the ecosystem across Europe in the future.
Forrester names CBA the leader among mobile banking apps in Australia
Japanese financial services giant MUFG Bank plans to explore the deployment of IBM Cloud for Financial Services in Japan, revealed the IBM announcement.
“MUFG has been shifting its IT workload to cloud for years, with a strong focus on keeping our data secure and mitigating operational risks on this new and fast-changing technology platform.
We believe IBM Cloud for Financial Services will be suited to help Japanese financial institutions redirect their efforts to maintain legacy systems toward digital reinvention in the era of new normal”, said Mr Hiroki Kameda, Managing Corporate Executive Group CIO of MUFG.
Macquarie Bank vows 100% cloud by FY 2022
IBM stated more than 30 partners have joined its ecosystem in the past three months. The list includes Adobe, Infosys Finacle, Temenos, VMWare among others. The tech giant said it’s working to create a secure financial services ecosystem where banks, ISV partners and SaaS providers can transact with confidence.
