IT Pro is supported by its audience. When you purchase through links on our site, we may earn an affiliate commission. Learn more

IBM signs CaixaBank in cloud services deal

The Spanish banking giant will use IBM Cloud for Financial Services to run key software applications

IBM expanded its presence in the European financial services market this week by inking a cloud services agreement with Spanish banking giant CaixaBank. 

The company signed a multi-year agreement with CaixaBank to run financial software in its cloud infrastructure. Under the deal, the bank will use IBM Cloud for Financial Services to run key software applications while complying with the EU's GDPR data protection rules. 

Launched in April, IBM Cloud for Financial Services enables financial institutions to host their software and services in the cloud while complying with regional regulations. It features a framework for financial services that includes a range of applications from IBM and third-party integrated software vendors. 

As part of the service, CaixaBank will use IBM's data encryption capabilities. The IT vendor's Cloud Hyper Protect Crypto Services encrypt financial services companies' data while allowing them to keep and manage their own security keys. This means that IBM is unable to decrypt the bank's data. 

The CaixaBank deal coincides with the launch of IBM's Spanish multi-zone region (MZR). MZRs feature separate computing facilities connected by low-latency links that offer fail-over continuity. The Spanish zone will offer better regional coverage and address data sovereignty needs. 

Related Resource

The Total Economic Impact™ of IBM Spectrum Virtualize

Cost savings and business benefits enabled by storage built with IBM Spectrum Virtualize

Blue shapes on white background - The Total Economic Impact™ of IBM Spectrum Virtualize - whitepaper from IBMFree download

Other features of the cloud service include compliance monitoring through the IBM Cloud Security and Compliance Center, and the use of isolated computing facilities and network segments, which heightens the privacy level for sensitive financial services workloads. IBM Cloud for Financial Services offers dedicated servers for financial software and can isolate traffic within availability zones. 

Listed as the 25th largest bank in Europe, CaixaBank is a ten-year old lender headquartered in Valencia. This year, the company completed the acquisition of rival Bankia for €4.3bn, making it the largest bank in Spain. 

IBM has been focusing more heavily on its cloud business over the last few years, leading to a growth in this area against a backdrop of falling overall revenues. 

Featured Resources

Four strategies for building a hybrid workplace that works

All indications are that the future of work is hybrid, if it's not here already

Free webinar

The digital marketer’s guide to contextual insights and trends

How to use contextual intelligence to uncover new insights and inform strategies

Free Download

Ransomware and Microsoft 365 for business

What you need to know about reducing ransomware risk

Free Download

Building a modern strategy for analytics and machine learning success

Turning into business value

Free Download

Recommended

IBM's new z16 mainframe brings two industry-firsts and quantum-proof data encryption
Hardware

IBM's new z16 mainframe brings two industry-firsts and quantum-proof data encryption

5 Apr 2022
Software-defined storage for dummies
Whitepaper

Software-defined storage for dummies

1 Apr 2022
HSBC and IBM partner on financial quantum computing applications
cloud computing

HSBC and IBM partner on financial quantum computing applications

29 Mar 2022
IBM launches multi-cloud key management service
encryption

IBM launches multi-cloud key management service

24 Mar 2022

Most Popular

Windows Server admins say latest Patch Tuesday broke authentication policies
Server & storage

Windows Server admins say latest Patch Tuesday broke authentication policies

12 May 2022
Costa Rica declares state of emergency following Conti ransomware attack
ransomware

Costa Rica declares state of emergency following Conti ransomware attack

10 May 2022
16 ways to speed up your laptop
Laptops

16 ways to speed up your laptop

13 May 2022