Bank of America, MUFG and BNP Paribas to join IBM Cloud

Global banks including Bank of America and BNP Paribas have joined a growing list of financial services institutions joining IBM Cloud. The growing ecosystem also includes more than 30 new technology providers.

The IBM Cloud for Financial Services establishes 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.

BNP Paribas has committed to joining the IBM Cloud as an anchor client in Europe. It 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.

“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,” said Bernard Gavgani, CIO at BNP Paribas.

Meanwhile, MUFG Bank plans to explore the deployment of IBM Cloud in Japan. “MUFG has been shifting its IT workload to cloud for years, with strong focus on keeping our data secure and mitigating operational risks. 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,” said Mr. Hiroki Kameda, Managing Corporate Executive Group CIO of MUFG.

“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,” 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.”

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.

Bank of America’s Chief Technology Officer Tony Kerrison will join the Council, which will be led by Howard Boville, Senior Vice President at IBM Cloud. The Council will focus on bringing major financial institutions together to help drive the strategic evolution of cloud security in this highly regulated sector.

It will also launch a research lab whereby clients and industry partners can get a first look at the latest innovations, experiment with the technology and functionality of new cloud solutions and exchange ideas.