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.
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 utilise a dedicated cloud, developed and managed by IBM, that will leverage IBM public cloud technologies, including Keep Your Own Key (KYOK) encryption capabilities, to ensure data protection compliance.
“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,” said 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.”
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A milestone with Bank of America
Today’s news also marks a significant milestone in IBM’s 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 will establish 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.
“We have had great success with our proprietary, private cloud, that currently houses the majority of our technology workloads,” commented David Reilly, global banking & markets, enterprise risk & finance technology and core technology infrastructure executive at Bank of America.
“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.”
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IBM grows financial services cloud ecosystem
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.
“MUFG has been shifting its IT workload to cloud for years, with strong focus on keeping our data secure and mitigating operational risks on this new and fast-changing technology platform,” said Hiroki Kameda, managing corporate executive group CIO of MUFG.
“We believe IBM Cloud for Financial Services will be suited to help Japanese financial institutions redirect their efforts to maintain legacy systems toward digital reinvention in the era of new normal. We look forward to continuing discussions around our strategic partnership with IBM to leverage best-in-class technology for our mission-critical workloads, as well as to drive digital transformation across MUFG.”
IBM has also expanded its growing ecosystem of Independent Software Vendors (ISVs) to include more than 30 partners. These technology providers have committed to onboarding offerings and cloud services to IBM Cloud for Financial Services that will help address stringent security, resiliency and compliance requirements and can accelerate transactions with financial services institutions.
“With major financial institutions and technology partners joining our financial services cloud, IBM is establishing confidence within the industry and around the globe that the IBM public cloud, equipped with industry-leading encryption capabilities, is the enterprise cloud for all highly regulated industries, including financial services healthcare, telco, airlines and more,” said Howard Boville, senior vice president, IBM Cloud.
“IBM is creating a platform with the goal that financial services institutions can address their regulatory requirements, while creating a collaborative ecosystem that helps enable banks and their providers to confidently transact.”