Major banks, including BNP Paribas, join list of adopters of IBM Cloud for Financial Services

Maria Nikolova

IBM also marks a significant milestone in its collaboration with Bank of America, with the availability of the IBM Cloud Policy Framework for Financial Services.

IBM (NYSE:IBM) today announced that several global banks, including BNP Paribas, will join a growing ecosystem of financial institutions and more than 30 new technology providers adopting IBM Cloud for Financial Services.

IBM also marks a significant milestone in its collaboration with Bank of America, with the availability of the IBM Cloud Policy Framework for Financial Services. The IBM Cloud Policy Framework for Financial Services establishes a new generation of cloud for enterprises with common operational criteria and streamlined compliance controls framework specifically for the financial services industry, allowing IBM’s growing financial services ecosystem to transact with confidence.

IBM is also announcing the formation of the Financial Services Cloud Advisory Council to support this effort and advise on the ongoing advancement of the IBM Cloud Policy Framework 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.

Central to the development of the IBM Cloud for Financial Services, 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.

BNP Paribas has committed to joining the IBM Cloud for Financial Services as an anchor client in Europe to support its first dedicated cloud in Europe to be GDPR compliant, acknowledging that a public cloud informed by IBM’s deep financial industry expertise, controls framework and industry-leading data-protection capabilities, meets their exacting standards. 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. BNP Paribas could plan to onboard additional banking partners to the ecosystem across Europe in the future.

Additionally, MUFG Bank plans to explore the deployment of IBM Cloud for Financial Services in Japan, continuing its ongoing transformational journey with IBM to accelerate digital reinvention.

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