DXC Technology and Thought Machine Collaborate to Transform Banking Services

Collaboration for Banking Modernization

In a significant move to accelerate the digital transformation of banking, DXC Technology and Thought Machine have announced a joint solution designed to modernize banking operations for small and medium-sized institutions. As banks strive to compete with large international entities, they often deal with complex vendor environments and deeply entrenched legacy systems. This partnership combines DXC's extensive expertise in technology services and comprehensive service management with Thought Machine's state-of-the-art core banking technology platform, Vault Core, as well as Vault Payments, aimed at streamlining financial institution modernization.

The joint solution is particularly beneficial for mid-tier and small banks, which are frequently at a disadvantage regarding agility and innovation compared to their larger counterparts. By adopting this integrated service, institutions can look forward to a managed service that includes the right technology, tools, and personnel for a holistic end-to-end modernization of their banking operations.

Randy McFarlane, global head of partnerships at Thought Machine, expressed excitement about this collaboration, stating, "This partnership emphasizes our commitment to leveraging next-generation technology to enable banks to modernize quicker and deliver exceptional financial products. With modern core systems, banks can rapidly and easily develop customer-oriented services."

The integrated solution is set to enhance agility, eliminate scalability barriers, and drastically reduce time-to-market. Financial institutions will be able to design new products from scratch or migrate existing systems to the Vault platform, all managed through DXC’s comprehensive Business Process Services capabilities.

By enabling the launch of new products—such as savings accounts, mortgages, and loans—in mere hours instead of weeks or months, this collaboration marks a pivotal shift in banking operations. The combination of DXC's automation methodology with Vault Core's highly configurable technology eliminates the necessity for extensive coding changes, thus facilitating faster future product launches and digital functionalities.

Chris Drumgoole, DXC Technology's President of Global Infrastructure Services, commented, "With over 45 years in banking operations, DXC is dedicated to delivering best-in-class digital solutions to major financial institutions worldwide. Our joint solution with Thought Machine provides a comprehensive and future-ready pathway to modernization, enabling banks to speed up innovation, enhance operational efficiency, and mitigate risk."

Recognized as a leader in managed services driven by banking and capital markets technology, DXC manages an impressive total of over 250 million customer deposit accounts, thanks to their innovative ecosystem of partners, products, and technology. The seamless processing of 275 million daily card transactions across 475 banks is a testament to their trusted services in the industry.

For more information on this collaboration, visit the DXC Banking BPS page.

About DXC Technology

DXC Technology (NYSE: DXC) assists global enterprises in executing mission-critical systems while modernizing IT, optimizing data architectures, and ensuring security across public, private, and hybrid clouds. The world’s largest companies and public sector organizations rely on DXC to deliver the services that empower new heights of performance, competitiveness, and customer experience across their computing environments.

About Thought Machine

Thought Machine is at the forefront of modern banking, offering a cloud-native payment and core banking technology platform known as Vault Core. This system is trusted by top banks and financial institutions globally, including names like Intesa Sanpaolo, ING Bank Śląski, and Lloyds Banking Group among others. With a dedicated team operating in locations such as London, New York, Singapore, and Sydney, Thought Machine has successfully raised over $500 million in funding, leading the charge in redefining banking technology.

For additional details, visit thoughtmachine.net.