IBM And BofA Team On Bank Cloud Computing Platform
Bank of America has teamed with IBM and its regulatory compliance arm, Promontory Financial Group, to create a cloud computing platform that has privacy, security and regulatory banking compliance protocols built in, according to a report by American Banker.
One of the reasons for the collaboration was to help solve some of the problems that keep banks from moving into cloud computing.
“We believe that the whole industry has some unique challenges with the public cloud around compliance, security and resiliency,” said Bridget van Kralingen, senior vice president for global industries, clients, platforms and blockchain at IBM. “Governance, risk and compliance consumes around 20 percent of the operations costs of most major banks.”
Because what is needed for data protection and security tends to shift — as do regulations — it can be hard for banks to decide on whether to start adopting the technology.
“Because of that, many banks have not moved their production workloads to public cloud providers,” van Kralingen said. “There is not enough focus on those specific control requirements for the industry.”