Thought Machine

Business challenge

Saddled with aging core banking technology, today’s banks recognize the need to move to cloud for its cost efficiencies. However, few have gone beyond digitizing processes; most are not fully digitized through the full vertical stack, and even fewer deploy cloud-native services.

Transformation

Thought Machine and IBM have teamed up to deliver Thought Machine’s cloud-native core banking system, Vault, into banks globally. Vault allows banks, of all size and complexity, to compete  at the highest level and helps them achieve full renewal and digital transformation in the cloud.

Results

Business Challenge Story

Seeking a cloud-native banking platform

Saddled with aging core banking technology, today’s banks recognize the need to move to cloud for its cost efficiencies. However, few have gone beyond digitizing processes; most are not fully digitized through the full vertical stack, and even fewer deploy cloud-native services.

To enable banks around the world to reinvent their business model, IBM seeks to collaborate with technology providers that offer cloud-native systems that can power digital transformation.

Transformation Story

IBM and Vault help reinvent banking

In 2018, Thought Machine and IBM teamed up to enable banks around the world to reinvent their business model enabled by Vault, Thought Machine’s cloud-native core banking system. IBM Services and Thought Machine signed a Global Alliance Agreement to work together on delivering value to clients, which has allowed the relationship to grow and evolve.

As well as the established alliance, IBM Services has created the IBM Thought Machine Practice. A global practice headquartered in London, it brings together banking transformation and implementation experience to help support banks in transforming their core infrastructure.

IBM Services has developed a number of delivery assets and accelerators designed to help clients in their delivery of Vault. These include patterns for technical design; a DevOps tool kit; and a data migration strategy. IBM Services also offers an assessment, process and methodology for delivering Vault as a software as a service (SaaS) offering, including assessment of security implications.

IBM has over 170 employees enabled on Vault across four geographic locations. IBM has completed client engagements and is currently working with a number of clients across Europe and APAC to implement Vault.

Results Story

Furthering digital transformation

By deploying Vault on IBM Cloud, banks gain a SaaS-based platform that can power their digital transformation. SaaS offers flexible subscription-based pricing. And the containerized application environment supports cloud-native app development, helping banks quickly deliver new digital customer services.

About Thought Machine

Headquartered in London, Thought Machine was founded in 2014 with a mission to enable banks to deploy modern systems and move away from heritage IT platforms that plague the banking industry. It accomplishes this through Vault, its core banking platform. A next generation system, Vault was developed from scratch as a cloud-native platform. Thought Machine clients include Lloyds Banking Group, SEB, Standard Chartered, Atom bank, Monese, TransferGo and Curve.

Solution Components

• Red Hat - OpenShift Container Platform