IBM has announced it is developing the “world’s first financial services-ready public cloud,” and Bank of America has joined the effort.

While software companies have a long track record of making software tailored to a specific industry, it is a relatively new trend among cloud providers. Nonetheless, the financial industry is a good candidate for customized cloud offerings, given the privacy, security and regulatory concerns the industry must contend with.

IBM touted Bank of America’s collaboration and contribution to the effort, noting that it marked “the next step in Bank of America’s seven-year cloud journey and reflects the Bank’s unwavering commitment to the security and privacy of banking customers while also creating an opportunity to address the unique regulatory and compliance requirements of the financial services industry.”

“This is one of the most important collaborations in the financial services industry cloud space,” said Cathy Bessant, chief operations and technology officer, Bank of America. “This industry-first platform will allow Bank of America to use the public cloud, putting data security, resiliency, privacy and customer information safety needs at the forefront of decision making. By setting a standard that addresses the concern of hosting highly-confidential information, we aim to drive the public cloud to a safety level that is unmatched.”

While IBM has not committed to creating other industry-specific clouds, the company will no doubt be gauging the success of this endeavor and using it as a guide for the future.