Thought Machine has partnered with digital transformation company GFT to power the growth of its cloud-native banking platform in the US.
The companies, behind Standard Chartered’s digital bank Mox, are looking to scale the offer Stateside as part of a multi-year partnership.
They are working with banks to introduce new digital infrastructures, moving them away from legacy technology and towards truly cloud-native systems.
While traditional banks have historically moved slower than digital challengers, they are now beginning to introduce new financial experiences that their digital counterparts cannot offer. However, the banks that can get these experiences to market before their competitors will be those that get a head start in modernising their underlying legacy infrastructures.
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.
“Many banks and financial institutions are confident about the benefits of modernising their core infrastructures,” said Brian Dempsey, partnerships director at Thought Machine, which featured on our FinTech 50 ranking last year.
“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.
“Our partnership with GFT ensures that the benefits of modernisation can be fully realized with immediate impact.”
GFT and Thought Machine have achieved several initial milestones in their three-year partnership, including over 200 certifications and eight completed projects.
In collaboration with Thought Machine and Amazon Web Services (AWS), GFT additionally built and launched BankLiteX to enable the launch of greenfield banks in as little as three months.
“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’re now at a watershed moment in which these banks are ready to consolidate their unrivalled financial expertise and regulatory frameworks with digitization, cementing their positions at the top of the financial hierarchy for good.”