IBM has launched the industry's first financial services-ready cloud platform, IBM Cloud for Financial Services, which includes a set of security and compliance controls to work securely with sensitive bank data in the cloud public.
This was developed with Bank of America and Promontory, a leading global financial services regulatory compliance consultancy that IBM acquired in 2016. Controls will be maintained by the Financial Services Cloud Council of 'IBM, led by Howard Boville.
IBM worked with Bank of America to develop the requirements of a secure cloud bank. (Photo ... Illustration by Budrul Chukrut / SOPA Images / LightRocket via Images) SOPA Images / LightRocket via Images The Market The opportunity for financial cloud services is huge, said Boville.
"Almost without exception, they (IF) have shifted three to four percent of their workloads. to the cloud, so 96% to 97% have not moved.
companies maintain their own systems in their owndata with their own controls. Moving to a cloud would require them to create these controls with the cloud provider and then maintain them.
"This is a huge, huge overh ead.
IBM's Cloud for Financial Services Enables Banks and FinTechs to innovate quickly with built-in controls that are respected by the entire ecosystem, so Software as a Service (SaaS) vendors that reside in the IBM cloud must follow IBM's rules and controls IBM for all software running on its financial services cloud. IBM will guide ISV and SaaS providers through every step of the onboarding process, which includes technical and security assessment, workload migration and validation of the preparation designed to deal with third and fourth risks, athe company said in its ad.
"IBM Cloud for Financial Services has a control framework designed to help financial institutions reduce expenses and accelerate revenue growth while fostering a secure and compliant partner ecosystem.
The financial services industry, including technology partners, can now build applications with Red Hat OpenShift, migrate virtual machine workloads, and build compliance profiles across their workloads - to help meet their ongoing compliance needs, the company said in its announcement. IBM provides built-in security and compliance controls for cloud native and VMware workloads.
To protect data on cloud native and VMware workloads, IBM uses its fourth generation confidential computing capabilities and “Keep Your Own Key” encryption, qui enables companies to control their own encryption keys through technology. customers are the only ones who can control access to their data. This protects European banks using the IBM cloud from subpoenas under the United States Patriot Act because the cloud service provider would not have an encryption key. Europe and some other jurisdictions have passed laws to protect their citizens from the potential intrusion of US regulations.
IBM Cloud for Financial Services also provides technological redundancy. To protect against single data center failure, IBM provides users w With three data centers, even if two fail, the business can still operate.
“We have designed our cloud offering very specifically for this target market. Its price is comparable to other general purpose clouds, so you can benefitof all these features and benefits at the same price as any other cloud provider.
On March 1, IBM launched the IBM Cloud Satellite which offers the benefits of the cloud with on-premise operation.
"It sits on top of the IBM cloud and other clouds, allowing you to manage multiple cloud environments through a single pane of glass and ensuring you are not locked into a single vendor. cloud, ”he added. “You can develop once and run anywhere. Other cloud service providers are becoming more and more proprietary, which introduces enormous complexity with proprietary languages and interfaces that your developers must learn and then develop. This only increases the complexity of your environments and decreases the productivity of your developers. We work on open standards. Having an open platform is a better way to build deeper relationshipss with customers.
Besides Bank of America, IBM works with several global financial institutions such as BNP Paribas, Luminor Bank and MUFG. IBM Cloud for Financial Services is supported by an ecosystem of more than 90 collaboration partners including SAP, global system integrators like EY and TCS, independent software vendors (ISVs) and software as a service providers (SaaS). It uses Red Hat OpenShift as the primary Kubernetes environment to manage containerized software across the enterprise and includes over 200 native API-based PaaS services to build new and improved cloud native applications.
