The financial services first ready cloud platform, IBM Cloud for Financial Services, now includes support for Red Hat OpenShift. Indeed, the expanded ecosystem now includes more than 90 partners and fintechs serving financial institutions worldwide.

First revealed in 2019, the IBM Cloud for Financial Services was designed in collaboration with Bank of America. Since then, IBM has built a cloud environment capable of meeting needs of the financial services industry for their mission-critical workload and data protection, via industry-leading security and compliance capabilities. 

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The IBM Cloud for Financial Services helps to reduce risk for financial institutions, their partners and fintechs. At the same time, it aims to innovate faster with built-in controls that are adhered to by the entire ecosystem. 

BNP Paribas, Luminor and MUFG

IBM is also working with financial institutions such as BNP Paribas, Luminor Bank and MUFG.

“Together with some of the world’s largest banks and leaders in regulatory compliance we are driving a change in cloud adoption for highly regulated industries, aiming to improve the security and compliance posture for the industry,” says Howard Boville, Head of IBM Hybrid Cloud Platform.

“With a focus on data security delivered with IBM’s confidential computing and sophisticated encryption capabilities, we are helping to derisk the supply chain for banks, insurers and other financial services industry players, and at the same time accelerating the time by which they can drive and consume innovation.”   

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The financial services industry can now build applications with Red Hat OpenShift. Moreover, they can migrate virtual machine workloads, and establish compliance profiles across their workloads. This helps to achieve continuous compliance.

BNP Paribas Drives Innovation with Ecosystem Partners 

Based on IBM Cloud technology, the BNP Paribas-dedicated MZR located in Paris will now be equipped with the necessary security and controls to begin onboarding the bank’s workloads and ecosystem partners to the IBM Cloud for Financial Services. BNP Paribas has migrated more than 40 line-of-business applications to the platform. And there are plans to speed up the migration for the years coming. BNP Paribas technology partners are also in the process of working with BNP Paribas to initiate the onboarding process. This will develop solutions and transact in a secure environment.  

“IBM has been our long-time partner in large part for their knowledge of cloud technology and security. This includes data encryption, and deep industry expertise associated with banking regulations. We’re collaborating with IBM to establish a BNP Paribas-dedicated cloud that is compatible with all the constraints that are imposed by regulators throughout the world,” says Bernard Gavgani, Global CIO, BNP Paribas.