French retail banking group BNP Paribas has joined American technology giant IBM’s growing ecosystem of financial institutions by adopting its public cloud service.
BNP Paribas has adopted the IBM Cloud for Financial Services (IBM CFS).
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It has joined a list of several financial institutions and over 30 new technology providers adopting IBM CFS.
The lender has become an anchor client in Europe for IBM’s cloud initiative.
BNP Paribas will leverage IBM’s public cloud technologies, including Keep Your Own Key (KYOK) encryption capabilities for data protection compliance.
BNP Paribas CIO Bernard Gavgani said: “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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By GlobalDataJapan’s MUFG Bank also plans to deploy the IBM CFS solution in the country for driving digital transformation.
Bank of America (BofA) also joined IBM’s ecosystem by tapping into IBM Cloud Policy Framework for Financial Services initiative.
The framework offers streamlined compliance controls to enterprises with common operational criteria. It allows financial institutions to run key applications and workloads.
To support this initiative, IBM has formed a ‘Financial Services Cloud Advisory Council’. The council will bring financial institutions together to help drive cloud security in the industry.
Bank of America’s Global Banking & Markets, Enterprise Risk & Finance Technology and Core Technology Infrastructure executive David Reilly said: “We are 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.”
IBM collaborated with Bank of America and Promontory, an IBM Services business unit, to set up cloud security and compliance control requirements as the basis of its policy framework.
IBM Cloud SVP Howard Boville said: “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.”
The technology giant has also launched an IBM Research Cloud Innovation Lab for its clients.
