IBM generalizes cloud platform for financial services–also supports “Red Hat OpenShift”

On April 7, 2021, IBM announced the general availability (GA) of the cloud platform “IBM Cloud for Financial Services” for banks and financial services companies. IBM Cloud for Financial Services was announced in 2019 in partnership with Bank of America. IBM said it would build a platform that could meet a variety of financial services requirements, from regulation to privacy. IBM Cloud for Financial Services supports “Red Hat OpenShift” as a Kubernetes environment. It also has built-in security and compliance controls for cloud-native and VMware workloads. The cloud’s cryptographic key management system and hardware security module (HSM) will give customers even more control over data access and encryption. In addition to Bank of America, more than 90 independent software vendors (ISVs) and SaaS providers such as SAP, Adobe, Infosys, Avaya, VMware and Lumina have joined the partner ecosystem, according to IBM. The financial services platform aims to meet regulatory, security and resiliency requirements while addressing diverse workloads, multiple architectures and preventative security. IBM explained that IBM’s public cloud for financial services will allow financial institutions to deal with technology vendors that meet the requirements of the platform. Howard Boville, Head of IBM Hybrid Cloud Platform, said: “By focusing on data security enabled by IBM’s Confidential Computing and Advanced Cryptography, we mitigate risk in the supply chain of players in the financial services industry, such as banks and insurance companies, while driving innovation. Aiming to reduce the time required to utilize it ”