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.
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.
"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."
Secured Platform Designed for Open Innovation
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.
"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
Business 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."
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.
Safeguard Data with Confidential Computing
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.
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
IBM Cloud for Financial Services established a growing ecosystem
of more than 90 ISVs and SaaS providers to help enable financial
services organizations integrate offerings from third-party
providers and modernize core applications to improve the customer
experience. With the addition of SAP, clients can now quickly
engage with the largest enterprise app company across their
workloads.
IBM will guide ISV and
SaaS providers through each step of the onboarding
process, which includes a technical and security assessment,
workload migration, and readiness validation designed to address
third- and fourth-party risk. The IBM Cloud for Financial
Services features a control
framework designed to help financial institutions
reduce expenses and accelerate revenue growth while fostering
a secure and compliant partner ecosystem.
This process supports partner compliance initiatives with the
IBM Cloud Framework for Financial Services requirements and
efficient onboarding through a systematic approach supported by
IBM's technical, security, and regulatory teams. For more
information, visit here.
BNP Paribas Drives Innovation with
Ecosystem Partners
Based on IBM Cloud technology, the BNP Paribas-dedicated MZR
located in Paris will now be
equipped with the security and controls to begin onboarding the
bank's workloads and ecosystem partners to the IBM Cloud for
Financial Services. BNP Paribas already migrated more than 40
line-of-business applications to the platform, with plans to speed
up the migration for the years coming. BNP Paribas technology
partners are also in the process of working with BNP Paribas to
initiate the onboarding process in order to develop solutions and
transact in a secure environment.
"IBM has been our long-time partner in large part for their
knowledge of cloud technology, security, including data encryption,
and deep industry expertise associated with banking regulations.
We're collaborating with IBM to establish a BNP Paribas-dedicated
cloud that is compatible with all the constraints that are imposed
by regulators throughout the world," said Bernard Gavgani, Global
CIO, BNP Paribas.
For more information on IBM Cloud for Financial Services, visit
www.ibm.com/cloud/financial-services
IBM Cloud for Financial Services clients can soon access on
demand training and certification programs via the IBM Center for
Cloud Training. The program, available later this month, will
introduce IBM Cloud for Financial Services core concepts, key
components and real-world applications, as well as solution
architectures.
1 - Based on IBM Hyper Protect
Crypto Service, the only service in the industry built on FIPS
140-2 Level 4-certified hardware. FIPS 140-2 Security Level 4
provides the highest level of security defined in this standard. At
this security level, the physical security mechanisms provide a
comprehensive envelope of protection around the cryptographic
module with the intent of detecting and responding to all
unauthorized attempts at physical access.
Contact:
Kaveri
Camire
IBM Communications
kcamire@us.ibm.com
Suzanne Cross
IBM Communications
Suzanne.cross@us.ibm.com
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SOURCE IBM