Technology firm Thought Machine partners with DXC Technology for innovation-driven digital banking solutions.
In a move to empower smaller and midsize banks, banking technology company Thought Machine and technology services provider DXC Technology have joined forces to offer a comprehensive, future-ready path to modernization. This one-stop managed service aims to accelerate digital transformation specifically for these financial institutions.
Headquartered in London, UK, Thought Machine is a leading core banking and payments technology provider, renowned for its cloud-native core banking platform, Vault Core, and payments processing platform, Vault Payments. DXC Technology, on the other hand, brings over 45 years of experience in banking operations and is deeply committed to delivering best-in-class digital solutions to leading financial institutions.
The collaboration between the two companies combines DXC’s deep banking industry expertise and full-service management with Thought Machine’s innovative technology solutions. Randy McFarlane, Global Head of Partnerships at Thought Machine, commented that the collaboration underscores their dedication to leveraging next-generation technology to enable banks to modernize faster and deliver exceptional financial products.
Key features of the joint solution include modernizing legacy core banking systems, accelerating time to market for new digital financial products, enhancing operational efficiency, resilience, and compliance, and allowing banks to develop innovative, customer-centric services with speed and ease.
Vault Core, Thought Machine’s cloud-agnostic platform, simplifies the complex vendor landscapes and outdated infrastructure that smaller banks often face. It allows banks to replicate their current back book of products and create new financial products. Vault Payments, Thought Machine’s cloud-native payments processing platform, enables banks to work with all payment types, embedding both new and existing financial products into an integrated payments platform.
The joint solution from Thought Machine and DXC Technology addresses the challenge that small and midsize banks face when competing against larger global banks that develop proprietary platforms in-house. By offering a simplified and integrated path to modernization and innovation, this collaboration provides smaller and midsized banks with the technology, tools, and human talent to modernize legacy core banking systems.
DXC Technology ensures security and scalability across public, private, and hybrid clouds, providing banks with the flexibility to choose their preferred hosting environment. With over 200 technology partners, DXC Technology partners worldwide to modernize IT systems and optimize data architectures.
This strategic partnership is set to revolutionize the banking landscape for small and midsize banks, enabling them to compete effectively with larger rivals by offering cutting-edge digital products and services.
[1] DXC Technology Press Release, "DXC Technology and Thought Machine Announce Strategic Partnership to Accelerate Digital Transformation for Banks," 2021. [2] Thought Machine Press Release, "Thought Machine and DXC Technology Announce Strategic Partnership to Accelerate Digital Transformation for Banks," 2021. [3] Finextra, "Thought Machine and DXC Technology Partner to Accelerate Digital Transformation for Banks," 2021. [4] Banking Tech, "Thought Machine and DXC Technology Partner to Offer Joint Solution for Banks," 2021.
This strategic partnership between Thought Machine and DXC Technology combines finance and technology, aiming to empower smaller and midsize banks with a future-ready path to modernization using innovative banking tech solutions. The joint offering, which includes Thought Machine's Vault Core and Vault Payments platforms, promises to modernize legacy core banking systems, accelerate time to market for new digital financial products, and enhance operational efficiency, resilience, and compliance.
