The partnership aims to help traditional banks compete with digital challengers
GFT, a global digital transformation company, has partnered with Thought Machine, a cloud-native banking technology company, to accelerate digitization initiatives that aim to power US banks’ future growth. The two companies are building on their multi-year partnership in the US, where they are working with banks to introduce new digital infrastructures. GFT and Thought Machine will continue working together to move banks away from legacy technology and towards truly cloud-native systems.
The partnership comes at a critical time for the banking industry, as digital challengers have been disrupting the market with innovative products and services. However, traditional banks have also been planning their next steps, leveraging their unrivaled financial expertise and regulatory frameworks. By modernizing their core infrastructures, they can offer new financial experiences that their digital counterparts cannot match.
Vault Core: A cloud-native core banking engine
GFT is a leading implementation partner of Thought Machine’s Vault Core. Built on truly cloud-native design principles, Vault Core allows banks to define their path for transformation. The technology is pivotal to launching digital-first greenfield banks, offering new technology capabilities that coexist with their existing core system or migrating from legacy to digital architectures.
Vault Core is a fully configurable core banking engine that runs on any cloud platform. It supports any type of banking product, from retail to corporate, from lending to deposits. It also enables banks to create smart contracts that automate business logic and workflows, reducing operational costs and risks. Vault Core is designed to be scalable, secure, and compliant with the latest regulations.
A successful track record of delivering digital banking solutions
Through their global partnership, GFT and Thought Machine have been instrumental in the build and implementation of Mox, the cloud-native, mobile-only digital banking arm of Standard Chartered in Hong Kong. The digital bank has over 400,000 customers, which is powered by AWS and Vault Core.
The two companies have also been working with other banks in the US and around the world to deliver digital banking and payment solutions. They have extensive experience in designing and integrating best-of-breed architectures that leverage cloud-native technologies.
“Many banks and financial institutions are confident about the benefits of modernizing their core infrastructures. Until now, there has been no viable option in the market for giving banks the technology capabilities and maturity of software they need to innovate meaningfully while offering an agile solution for coexistence and migration of legacy products,” said Brian Dempsey, Partnerships Director at Thought Machine. “Our partnership with GFT ensures that the benefits of modernization can be fully realized with immediate impact.”
“Fintechs have been challenging how consumers think about banking and financial experiences for a few years. However, traditional banks have been quietly planning their next steps throughout that time,” said Marco Santos, CEO Americas at GFT. “We are now at a watershed moment in which these banks are ready to consolidate their unrivaled financial expertise and regulatory frameworks with digitization, cementing their positions at the top of the financial hierarchy for good.”
