Most of the cloud services have included solutions of horizontal IaaS, Paas, and SaaS. While most technological markets begin vertically until the mutual vertical elements connect to establish horizontal prospects, but the cloud market has improved in its horizontal direction. The cloud market that is currently taking place has registered about twenty percent of information-technology workloads, but the rest of the eighty percent are not in a cloud, for now. There are many causes behind that mindset, since the horizontal cloud doesn’t meet the requirements of the financial industry. IBM has used this principle as a method for innovating “the world’s first financial services-ready public cloud,” while partnering with the Bank of America. This financial services-ready public cloud is known as “IBM Cloud.”
IBM and Bank of America
IBM and Bank of America have collaborated in creating a cloud that facilitates financial entities to utilize the services in the industry. Banks are registered and regulated like no other, especially Bank of America. There are 2.354T in assets through 66 million clients. There are analytical reports that claim that financial services losses to cyber-crime will be over 700 billion dollars, in the next five years. Banks, like every other industry, need to modernize and transition to an innovative experience by improving their dexterity and expedite while protecting security and the privacy of the customers, along with the upkeep of regulations for financial authorities.
What is IBM Cloud?
With the IBM horizontal cloud, it provides a set of quality security services, including the best type of encryption known as KYOK, and\or BYOK. The IBM Cloud also provides a security offering of SaaS known as “Hyper Protect Crypto Services” that permits financial services providers to be in charge and gain access of their cloud information encryption keys, along with the cloud hardware security modules. It is the only cloud service in the entire banking and software industries that is developed on FIPS 140-2 Level 4-certified hardware. IBM’s Promontory Financial Group holds an in-depth understanding of regulatory and compliance expertise to this entity, permitting IBM to ensure its provision in documented acquiescence with all financial regulatory authorities that are relevant. There are currently over 2,000 VMware-based client applications that are serving IBM Cloud and 1,000 clients over 16,000 Kubernetes groups.
The IBM Cloud is made to help many clients and financial services provider organize and maintain their information on the cloud, and redefine banking for both clients and banks for good.