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IBM partners with Bank of America to build specific financial cloud

By Yana Berman

Major bank will be the first user of the platform

US tech giant IBM has partnered with Bank of America to develop and test its first industry-specific cloud for financial services, the company says.

IBM wants to roll out a financial cloud that believes will meet the industry's high standards for regulatory compliance, security and resilience. The new product is designed to provide controls for financial services workloads, while protecting their security.

The company’s release says that Bank of America will be the first contributor to trial the new clou among its 66 million customers.

According to Reuters, Bank of America has previously used its own internal cloud computing capabilities. In recent years the institution has reduced the number of its servers from 200,000 to 70,000. This leaves it with only 23 data centres compared with a previous 67.

However, the bank still uses cloud services offered by third parties. According to Chief Executive Brian Moynihan cited by Reuters, this service is up to 30 per cent cheaper.

However, the use of third-party services has caused problems for financial institutions. Earlier in 2019, a hacker gained access to more than 100 million Capital One customers' accounts and credit card applications. Prior to the breach the suspect had worked as a software engineer for Amazon Web Services, the cloud hosting company used by Capital One.

The hack forced U.S. lawmakers to consider direct oversight of cloud services, such as Amazon Web Services, Microsoft Corp’s Microsoft Azure and Alphabet Inc’s Google Cloud, used by financial institutions. Late last month, senators Elizabeth Warren and Ron Wyden wrote to the Federal Trade Commission asking it to investigate Amazon’s failure to secure the servers.

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