UK-based software firm Thought Machine has selected IBM Services as the global preferred implementation partner for its cloud-native core banking platform, Vault.
Multiple major banks intend to deliver better digital services to their customers, while complex core banking platforms make them not to serve up to the intended level.
The increased dependence of customers on digital services is creating immense pressure on core systems.
Thought Machine has developed Vault core banking platform for traditional banks with legacy systems and business constraints to better serve their customers and regulators.
Thought Machine CEO Paul Taylor said: “Banks have built interface layers with more modern technology, but there is only so far you can go before the foundations themselves have to be replaced.
“Building the new foundations for banking is Thought Machine’s mission and Vault is Thought Machine’s next generation core banking platform.”
Vault cloud native core banking system will enable banks to completely avail the benefits of all clouds including the IBM Cloud.
Thought Machine has developed the Vault platform to help banks to rapidly add new products, adjust shifts in a bank’s strategy and react to external changes in the market.
With flexible products, operating model and user interfaces, Vault holds capacity to connect both customer applications and the internal applications, which bank staff use to run the bank.
The joint team is already involved in advanced discussions with multiple major banking institutions across the world to implement the platform.
UK’s Lloyds Banking Group has collaborated with both parties to study Vault’s functionality and capabilities in delivering services to the customers. It is also evaluating option to further develop and launch the platform.
IBM Global Business Services senior vice president Mark Foster said: “Vault offers the first core banking platform built in the cloud from the ground up, massively scalable and with the flexibility to create and launch new products and services in days versus months, at unprecedented levels of cost and speed.”
Lloyds Banking Group offers a range of banking and financial services for personal and commercial customers.
The group provides retail, commercial and corporate banking, general insurance, and life, pensions and investment provision services.