IBM have today 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.
Chief Technology Officer, Tony Kerrison, will represent Bank of America on the Council, which will be led by Howard Boville, SVP, IBM Cloud. The Council will be focused on bringing major financial institutions together to help drive the strategic evolution of cloud security in this highly regulated sector.
“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 Global Banking & Markets, Enterprise Risk & Finance Technology and Core Technology Infrastructure executive. “At the same time, 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.”
BNP Paribas has committed to joining the ecosystem as an anchor client in Europe to support its first dedicated cloud in Europe to be GDPR compliant.
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.
“As we continue to expand our collaboration with IBM, we’re driving innovation in the financial services industry and are able to partner with a growing ecosystem of technology providers, from small startups to leaders in the industry. That’s an important step forward for BNP Paribas Group to accelerate its transformation journey and be compliant with European regulations,” Bernard Gavgani, CIO, BNP Paribas.
“IBM Cloud for Financial Services helps us to further our transformation journey to the cloud and migrate mission critical workloads with confidence knowing that we can meet the regulatory standards established for the industry.”
IBM collaborated with Bank of America and Promontory, an IBM Services business unit and global leader in financial services regulatory compliance consulting, to establish a set of cloud security and compliance control requirements as the basis of its policy framework, which will allow financial institutions to confidently host key applications and workloads. The IBM Cloud Policy Framework for Financial Services is now available and aims to deliver the industry-informed IBM public cloud controls required to operate securely with bank-sensitive data in the public cloud. IBM, Promontory and the advisory council will continue to collaborate to assure that the framework will be up to date to address the latest industry regulations.
