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11/6/2019, 6:58 AM (Source: TeleTrader)
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IBM, Bank of America to launch financial cloud project

Bank of America Corp. and International Business Machines Corp. announced their partnership on Wednesday in order to make a public-cloud computing service for financial institutions that were hesitating to keep their customers’ financial data outside their in-house systems.

Officials told the media the newly developed measures include automated security tools and top-notch encryption.

Arvind Krishna, IBM’s senior vice president for the cloud said that the key won’t be accessible to everybody. "Even people at IBM with deep access to the cloud will not have access to the key” to unlock a bank’s encrypted data," said Krishna.

He added he hopes this step becomes a role model for other banks in the next months to come.

Breaking the News / TF