Bank of America is the first collaborator to join IBM’s new financial services-ready public cloud platform.

The bank will host key applications and workloads to support the requirements and privacy and safety expectations of its customers.

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IBM’s new platform aims to address the requirements of financial services institutions for regulatory compliance, security and resiliency. The hope is to help financial institutions transact with technology vendors who meet the cloud’s requirements.

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.

“This will put 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.”

Addressing regulation

The new solution is expected to run on IBM’s public cloud, which uses Red Hat OpenShift.

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IBM and Bank of America worked intensively together to develop the control requirements for the platform. The public cloud can potentially enable ISVs and SaaS providers to focus on their core offerings to financial institutions with the controls for the platform put in place.

The two companies are also working with Promontory, an IBM business unit that focuses on financial services regulatory compliance consulting.

Bridget van Kralingen, SVP, Global Industries, Clients, Platforms & Blockchain, IBM, said: “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. Together we plan to help our customer address their ongoing compliance requirements.”

Gene Ludwig, Promontory CEO, said: “We recognise that we must help create an environment where financial services institutions can address their regulatory requirements and expectation.”