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IBM's Financial Services Cloud enters general availability with Red Hat OpenShift support

The IBM Cloud for Financial Services is designed to support various financial services requirements ranging from regulatory to privacy.
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Written by Natalie Gagliordi, Senior Writer on

IBM on Wednesday announced the general availability of its public cloud built for banks and financial services firms. First introduced in 2019 in partnership with Bank of America, the IBM Cloud for Financial Services is designed to support various financial services requirements ranging from regulatory to privacy. 

As part of its GA release, IBM said the cloud also includes support for Red Hap OpenShift as its Kubernetes environment, as well as built-in security and compliance controls for cloud-native and VMware workloads. Meanwhile, the cloud's key-management system and hardware-security module (HSM) gives customers more control over data encryption, IBM said.

In addition to Bank of America, IBM said it has expanded its partner ecosystem with more than 90 ISVs and SaaS providers, including SAP, Adobe, Infosys, Avaya, VMware and Lumina.

The goal of the financial services platform is to meet regulatory, security and resiliency requirements while accounting for various workloads, multiple architectures and proactive security. IBM said its financial services public cloud will enable other software vendors and cloud players to connect and transact.

"With a focus on data security delivered with IBM's confidential computing and sophisticated encryption capabilities, we aim to reduce risk in 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," said Howard Boville, head of IBM Hybrid Cloud Platform. 

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