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IBM builds financial services in the cloud for Bank of America

Thursday 7 November 2019 10:14 CET | News

IBM has built financial services based on cloud technology in collaboration with Bank of America which will be the first large bank to use the platform.

The public platform is designed to meet the high regulatory, security, and resiliency standards required of the financial services industry. Over the past several years, Bank of America has focused on its internal cloud computing capabilities and has gotten down to about 70,000 servers from over 200,000 and trimmed its data centres to 23 from 67.

Investing in cloud computing is key for banks as more transactions become digital. It is critical that the platform can transfer information quickly, keep data private, and prevent service outages. Bank of America customers reported trouble accessing online banking and card services in October 2019, Reuters cited Downdetector.com.

Cloud services used by banks have come under scrutiny in Washington after a massive data breach at Capital One raised questions over the risks posed by banks’ reliance on third-party cloud providers.


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Keywords: Bank of America, IBM, cloud, financial services, innovation, servers, US
Categories: Banking & Fintech | Payments General
Countries: United States
This article is part of category

Banking & Fintech