IBM, Bank of America collaborate to build financial services-specific cloud. Bank of America and IBM, along with IBM’s regulatory compliance arm Promontory Financial Group, have partnered to build a cloud for banks that has security, privacy and bank-specific regulatory compliance built in. “INDUSTRY CLOUD” in Financial service industry, first of its kind in the constantly evolving cloud business. Creating client value through innovation.
A new era for financial services is arising with IBM’s industry specific public cloud platform that will build a new technology ecosystem and set the standard to address the unique regulatory and compliance requirements in financial services. Bank of America is again innovating with IBM as the first collaborator to use this environment to host its key applications and workloads.
Bank of America has concentrated on its inward distributed computing capacities. In the course of recent years the second biggest U.S. bank has gotten down to around 70,000 servers from more than 200,000 and cut its server farms to 23 from 67.
A collaboration to build a cloud for banks that has security, privacy and bank-specific regulatory compliance built in to serve customers with highest standards. International Business Machines Corp (IBM) and Bank of America Corp have gone into collaboration to build a financial services-specific cloud technology. The new platform has been designed to meet the high regulatory, security and resiliency standards required of the financial services industry. “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.” The race for the financial technological boom is on!
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Streamlining those activities has spared $2 billion every year, Chief Executive Brian Moynihan said on an income call a month ago. Be that as it may, the bank still depends on cloud administrations from outer sellers since outsiders can normally offer the administration 23%-30% less expensive, he said.