Bank of America, IBM combine on financial-services cloud project

A new platform to help banks and IT vendors comply with government rules.

IBM and Bank of America have partnered on the world’s first-ever financial-services public cloud.

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Working together has led to the development of a new platform that enables banks and IT vendors to meet the requirements that are unique to the financial services and banking industry.

The platform's focus is to help the industry better meet the compliance, security and data protection requirements.

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"This is one of the most important collaborations in the financial services industry cloud space," said Cathy Bessant, chief operations and technology officer, Bank of America. "This industry-first platform will allow Bank of America to use the public cloud, putting data security, resiliency, privacy and customer information safety needs at the forefront of decision making.

BofA is IBM's first collaborator and will use the platform to host applications and workloads that support the bank's 66 million banking customers.

The goal will be to open the application to the entire banking industry.

TickerSecurityLastChangeChange %
IBMINTERNATIONAL BUSINESS MACHINES CORP.133.84+0.64+0.48%
BACBANK OF AMERICA CORP.32.84+0.15+0.46%

The project draws upon technology and financial services industry experience earned through IBM's relationships with 47 of the Fortune 50 companies and the 10 largest financial institutions in the world.

The platform will run on IBM's highly secure and open public cloud, which uses Red Hat OpenShift.

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In IBM’s quarterly earnings,  the company reported cloud revenue growth of 14 percent, putting IBM’s cloud revenue over the last year to over $20 billion.