By: Imani Moise
November 6, 2019
International Business Machines Corp (IBM.N) said on Wednesday that it has built financial services-specific cloud technology in collaboration with Bank of America Corp (BAC.N), which will be the first major bank to use the platform.
The public platform, IBM’s first industry-specific cloud, is 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,” said Cathy Bessant, chief operations and technology officer of Bank of America.
Bank of America has focused on its internal cloud computing capabilities. Over the past several years the second largest U.S. bank has gotten down to about 70,000 servers from over 200,000 and trimmed its data centers to 23 from 67.